DigitalBridge, the Manchester firm that uses AI and computer vision to help consumers create a dream bathroom or kitchen, has been boosted by £3m funding to roll out its platform to new markets including the US.
The funding from Maven Capital Partners will also see the creation of 15 new jobs and will enable to company to create additional products.
Founded by CEO David Levine, DigitalBridge technology guides consumers through the entire process of creating a bathroom or kitchen, from concept to completion.
The technology integrates directly into a retailer’s website simplifying the decision-making.
The company said its technology has drastically reduced sales cycles, increase conversion rates and average basket sizes as well as drive more engaged customers into store.
DigitalBridge, which has been working with Kingfisher since 2017, has supported more than 800,000 customer projects.
David Levine, CEO at DigitalBridge, added: “Consumer buying behaviour has fundamentally changed, especially online as e-commerce now accounts for 15 per cent of all retail purchases, according to Mary Meeker’s Future of the Internet.
“People are doing most of their research online and are being inspired by what they see.
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“Bathrooms and kitchens still require a lot of face-to-face time and store visits, however, so DigitalBridge uses AI and Computer vision to guide consumers through the complex and confusing journey of designing their dream bathroom or kitchen.
“We’re excited to partner with Maven to drive DigitalBridge to the next level.
“In addition to the European retailers we are working with, this investment supports our growth into the US market and allows us to deliver on the opportunities we’re already working on.”
Today’s transaction comprises a £1.5m package from Maven’s Venture Capital Trusts (VCTs) and £1.5m from the NPIF Maven Equity Finance, a regional development fund managed by Maven which forms part of the Northern Powerhouse Investment Fund.
Jeremy Thompson, investment director at Maven, said: “The team at DigitalBridge have developed a market-leading AI product which solves a genuine problem for retailers by better engaging with their customers online.
"The considerable traction they have seen proves they’re enabling retailers to increase conversions, shorten sales cycles and increase order values.
“The business is developing a strong working culture which has helped them attract some exceptional talent in Computer Vision and Machine Learning.
"We are genuinely excited to work with them and support their next stage of growth, as they look to accelerate deployment of the existing product, develop new products and enter new markets, including the US.”