Tech startup DigitalBridge raises £700k for augmented reality innovation

North West tech startup DigitalBridge has raised a six-figure investment in its latest funding round.

The Manchester-based firm, a provider of augmented reality software that allows customers to see how home décor products will look in their own homes, secured over £700k from private investors ahead of its planned launch with several retailers.

Of the total raised, £350k came from Stuart Marks, the founder of investment firm L Marks.

Department store chain John Lewis has also backed DigitalBridge with £100k.

David Levine, DigitalBridge’s chief exec, said the six-figure boost will strengthen the company’s development team and enhance the platform’s user experience.

He commented: “More retailers are beginning to see the commercial benefit of implementing mixed reality platforms in their customer offering, particularly online, and the confidence shown by these latest investments is testament to that.

“As a business we have experienced significant growth in the last few months and are in the early stages of some major deals to bring this technology to market.”

He added: “Consumers have been calling for an ‘undo button’ for interior design for years, and thanks to new technology, retailers can now offer them one.”

L Marks’ Stuart Marks said: “DigitalBridge is a truly innovative company, providing consumers with the ‘undo button’ for home décor they have been calling for and L Marks are very proud to offer our expertise and support.

“David has put an exceptional team in place, which has been one of the key drivers in the business’ rapid growth in the last 12 months.”

He added: “The potential of this new platform is really starting to come to light among major retailers, both in the UK and across the world, and I have no doubt the business will continue its disruption of the retail sector.”

The investment follows an independent report showing how virtual and augmented reality platforms could add as much as £1bn to the UK retail market.

The research, commissioned by DigitalBridge, discovered that one-third of consumers walk away from potential purchases simply because they are unable to imagine how a product would look at home. It was also revealed that over half of shoppers would like access to a room visualisation tool when shopping.

Speaking further, Stuart said: “[DigitalBridge’s] recent study, which unveiled the true cost of the imagination gap for the first time, shows the massive potential for this technology within the retail sector and I’m very excited to discover what the future holds for this business.”