mirrAR Secures $1.75Mn Investment to Revolutionize Beauty and Jewelry Industries with AI and AR

Empowering brands and retailers to enhance both digital and in-store shopping experiences

BENGALURU, INDIA, November 1, 2023 /EINPresswire.com/ — mirrAR, a visionary leader in augmented reality (AR) and artificial intelligence (AI) solutions, proudly announces the successful completion of its Pre-Series A capital raise of $1.75Mn. This funding represents a monumental stride forward for mirrAR.com, firmly establishing its position as a global market leader redefining how consumers engage with brands.

Diaspark Inc, a strategic investor based in the United States, has spearheaded this transformative round, with enthusiastic participation from renowned angel investors such as Aparna Chennapragada, CVP of Microsoft, Alagu Periyannan, founder of BlueJeans by Verizon and Khadim Batti CEO and co-founder Whatfix.

mirrAR is on a mission to revolutionize the shopping experience for 3.6 billion users worldwide through the power of AR and AI. Its cutting-edge technology empowers brands and retailers to offer immersive 3D and 360-degree shopping experiences on websites, mobile apps, and social channels through the 3D Commerce Cloud. Shoppers can virtually try on products or interact with them in their physical environment, enabling a more engaging and informed buying process.

Founded by the dynamic duo, Meghna Saraogi and Lalit Vijay, mirrAR stands at the forefront of innovation, reshaping the way customers interact with brands both within and outside the confines of traditional brick-and-mortar stores. With over 50 clients, including industry leaders like Titan, Tanishq Jewellery, and DeBeers subsidiary Forevermark, the company has experienced remarkable growth, boasting a staggering 35% increase in conversions and a remarkable 160% surge in engagement for their portfolio brands. In 2023 alone, customers spent over 100,000 hours experiencing virtual try-ons, underscoring the profound impact of mirrAR’s technology.

After driving value for 50+ businesses in the jewelry industry in India, mirrAR is continuing its aggressive venture into the US jewelry market. The company’s virtual try-on experiences have become pivotal in enhancing customer interactions with brands, whether online or in physical stores. mirrAR.com is now also expanding its horizons to redefine beauty, skincare, and salon experiences.

Studies by leading organizations like the Aberdeen Group and Gartner highlight the immense potential of AR in elevating customer satisfaction and driving increased sales. The augmented reality and virtual reality market is expected to grow from US$ 27.96 billion in 2021 to US$ 252.16 billion by 2028; it is estimated to grow at a CAGR of 36.9% during 2021–2028 as per the Insight Partners.

Abhishek Chhajlani, Chief Operating Officer at Diaspark Inc, expressed his excitement about the investment, stating, “Having known Meghna for about four years now, I’m very inspired by the great work she’s doing at mirrAR, building a great product and she has a great team backing her vision up. We’re looking forward to joining forces as their partner & I wish the team the best.”`

The beauty and wellness industries have always been at the forefront of creating memorable customer experiences, and mirrAR.com is pushing the boundaries by infusing them with digital, immersive, and experimental elements. Founder and CEO Meghna Saraogi shared her vision, saying, “With mirrAR, we’re redefining that curve by making it more digital, immersive, and experimental. Customers are more aware today and expecting brands to innovate consistently. With our AR and AI technology, we’re personalizing and offering pre-visualization makeup experiences globally to cater to these evolving needs.”

The innovative beauty product from mirrAR.com will empower customers to virtually try on a plethora of shades across various product categories, including lipsticks, eyeliners, blushes, and more, before making a purchase decision. Additionally, shoppers will have the opportunity to experiment with multiple celebrity-inspired looks, festival themes, and occasion-specific styles, all while accessing the products used to achieve those stunning looks.

This Pre-Series A capital raise will enable mirrAR to bolster its proprietary technology stack, expand its presence in the global beauty and jewelry industries, continue its journey of innovation and bolster its go-to-market efforts in the US and Asia-Pacific regions.

mirrAR is also thrilled to announce the appointment of Marty Hurwitz, CEO and Founder of THE MVEye, to its advisory panel. With over three decades of experience in the gem, jewelry, and watch industries, Marty Hurwitz brings a wealth of knowledge and expertise to mirrAR, positioning the company for even greater success in shaping the future of retail innovation.

Martin Hurwitz
MVI Marketing LLC
+1 805-459-4455
[email protected]
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mirrAR CEO Meghna Saraogi Interview