Fyusion Receives $3 Million Strategic Investment from Itochu; Strong Strategic Partnership Brings Leading Next-Generation 3D Imaging and Machine Learning Platform Into the World of Fashion E-commerce
Collaboration designed to accelerate the digital buying experience, bringing it closer to a live interaction, proven to dramatically increase engagement and sales by up to 600%.
SAN FRANCISCO, May 23, 2019 (GLOBE NEWSWIRE) — Fyusion, a pioneer of immersive 3D imaging technology that combines the power of computer vision and machine learning to create immersive, interactive 3D images using any camera or smartphone, announced today that Itochu, one of the largest Japanese trading companies distinguished by its heritage and expertise in textiles, has made a strategic investment in the company. The two companies are collaborating to apply Fyusion’s imaging platform to drive E-commerce engagement and sales across Itochu’s own fashion and apparel businesses as well as with partners in Japan and across the world.
With Fyusion, Itochu brings 360-degree interactive viewing capability to any device – from mobile and desktop, to Augmented and Virtual Reality hardware – where consumers can examine a product like they would in real life, truly seeing the quality and details so they can purchase with confidence. Itochu will benefit from the increased customer engagement and sales that 3D immersive images have proven to generate. Multi-month studies with E-commerce fashion retailers have demonstrated significant uplifts of up to 600% in both Click Through Rate (CTR) and average basket size vs JPEG control listings.
“As true innovators in the 3D imaging space, Fyusion brings us the type of product and technology that we seek to invest in, support, and partner with, long term,” said Yoshihiro Fukushima, Executive Officer of Itochu. “We are partnering with Fyusion to deliver a unique immersive ecommerce experience that merges Fyusion’s next generation Fyuse 3D imaging and machine learning technology to drive significant gains in ecommerce engagement and sales globally. Using our expertise in developing brands, we are broadening our business foundations by extending our business area from fashion and apparel to include the entire area of lifestyle categories.”
“With almost 80 patents, Fyusion’s 3D machine learning and computer vision expertise allows us to give images functionality beyond what’s possible with 2D photos and videos,” said Radu Rusu, CEO of Fyusion. “We’ve already proven this in the automotive space – from automatic damage analysis, to being able to extract the car from the background and present in AR or VR, all from a smartphone – and are excited to extend this disruptive and powerful imaging into the fashion and E-commerce world.”
Fyusion is the pioneer of immersive 3D imaging technology that combines the power of computer vision and machine learning to create immersive, interactive 3D images called Fyuses. Using any camera or smartphone, high definition images can be captured and processed in 60 seconds or less, making it possible to capture products on a turntable in a studio or as part of a lifestyle shot on a person in any location. Wherever they are in the world, and on whatever device, customers can examine a product like they would in real life, truly seeing the quality and details so they can purchase with confidence.
ITOCHU is a leading sogo shosha incorporated in Japan with revenue of approximately $100 Billion across approximately 110 bases in 63 countries. It is engaged in domestic trading, import and export, and overseas trading of various products such as textiles, machinery, metals, minerals, energy, chemicals, food, general products, realty, information and communications technology, and finance, as well as business investments in Japan and overseas. ITOCHU is listed on the Tokyo Stock Exchange.
Around 150 million people use Fyusion’s products globally. With a strong pedigree in 3D Computer Vision and Machine Learning, Fyusion’s San Francisco team is enabling businesses to thrive in industries undergoing major digital transformation.
Backed by prestigious Silicon Valley investors and powerful global businesses, Fyusion has raised close to $70mm to digitize the real world using 3D light fields and automatically extract valuable information from it, in an easy to use manner and accessible on any computing device.