Marxent, the leading provider of virtual reality (VR) and augmented reality (AR) for retailers and manufacturers, today announced that it has closed $10 million in Series B funding. The round, led by Detroit Venture Partners (DVP) and Stage 1 Ventures, brings the total invested in Marxent to $14 million. The funding will provide Marxent with capital to accelerate the growth of VisualCommerce™, Marxent’s scalable virtual products platform that allows 3D products to be configured and visualized in AR and VR applications.
Marxent has emerged as the leader in the AR/VR landscape with an exclusive focus on dynamic 3D content management and turn-key AR/VR app templates. With several proven enterprise use cases for AR/VR through its partnerships with Fortune 500 retailers and manufacturers, Marxent’s VisualCommerce™ platform has distinguished itself as the only enterprise-ready solution in the marketplace. The company has immediate plans to grow its team to support the surge in demand for these enterprise applications.
The company has seen an unprecedented demand for VisualCommerce™, which is designed to solve the visualization gap in commerce. At both CES 2016 and the International Builders Show 2016, the company showcased a VisualCommerce™-powered retail experience, which allows customers to custom configure kitchen or bathroom remodels on an iPad, view them in 3D VR and then export their creations to YouTube 360 for viewing at home with a Google Cardboard. The AR/VR application gives the user the ability to control the creative process, as well as share their 3D design on social media.
“We’re not creating new demand. Retailers and manufacturers have been investing in visualization, visual merchandising and customer experience since the beginning of time,” said Beck Besecker, Marxent’s co-founder and CEO. “High quality product visualization and remarkable customer experiences have always been a core tenet of retail and direct sales models. We saw an opportunity to enhance, and in some cases, replace, classic visual merchandising tactics such as photography, paint samples, store windows and catalogs with an exciting 3D high-tech experience that is waste-free, portable, device agnostic and has a limited footprint.”
“AR and VR will effect everything from gaming to entertainment to commerce. Marxent has emerged as the clear leader in providing solutions for retailers and manufacturers in this exciting space,” said Dan Gilbert, founding partner of DVP. “We led this latest round because we believe Marxent has the momentum to achieve widespread adoption of their products. In addition, the culture and talent leading this company are both exceptional.”
“We are looking forward to the next chapter in Marxent’s development. The team’s innovative thinking and execution puts it at the center of the AR/VR space at a pivotal turning point for these technologies. We see the potential for this business to scale quickly and are optimistic about the future of the company,” David Baum, managing director of Stage 1 Ventures added.