Ikea buys Geomagical Labs to enhance AI-based visualization for users

By Nikita Chaurasia  Date: 2020-04-04

Ikea buys Geomagical Labs to enhance AI-based visualization for users

Ikea, the leading home décor and furnishing giant, has recently acquired Geomagical Labs, which is a startup developing artificial intelligence-based imaging.

Geomagical Labs has been developing various technologies based on computer vision that lets users scan the room rapidly by using smartphones, rendering a panoramic 3D picture in a matter of minutes, removing all the furniture present in the picture and adding newer items according to their choices.

Ikea will be implementing this first product made by Geomagical Labs in its website as well as apps to allow people to make an accurate visualization of their spaces and the way they shall appear with Ikea furniture in them.

Ikea had developed a visualization tool based on AR before and was one of the first firms to use the AR developer kit of Apple years ago, but the new technology represents far more useful and accurate development while also offering Ikea the tools that it could build more features upon in the near future.

The Chief Digital Officer of Ikea Retail, Barbara Martin Coppola said that the company is looking forward to seeing users use the technology and play around with whatever they deem fit. Ikea decided to buy the startup and not just partner with it for various reasons, with the prime one being that the technology is groundbreaking and exceptional.

Coppola further added that the online experience and app that Ikea has been developing will be given for free use with currently no plans to bring out the tech as a service to other retailers as of now.

The terms of the deal had not been disclosed yet, but reports suggest that both the investors and the startup are satisfied with the terms. Geomagical Labs opted for Ikea as it wanted to ensure that its tech was used by people and not get used to a bigger machine that may not have been used otherwise.

 

Source Credit - https://techcrunch.com/2020/04/02/ikea-acquires-ai-imaging-startup-geomagical-labs-to-supercharge-room-visualisations/

About Author

Nikita Chaurasia     aeresearch.net

Nikita Chaurasia

An accomplished professional in the field of content development, playing with words comes naturally to Nikita Chaurasia. After completing her post-graduate MBA degree in Advertising and PR, Nikita worked across numerous content-driven verticals, undertaking diverse r...

Read More

More News By Nikita Chaurasia

EV maker Rivian bags USD 2.5 Bn in a funding round led by Amazon, Ford

EV maker Rivian bags USD 2.5 Bn in a funding round led by Amazon, Ford

By Nikita Chaurasia

American electric vehicle maker Rivian Automotive LLC reportedly secured USD 2.5 billion in a funding round led by Amazon.com Inc, T. Rowe Price, D1 Capital Partners, and Ford Motor Co. In addition, the event also saw participation from Fidelity Man...

ICEA forms committee chaired by HP India MD to boost IT hardware sector

ICEA forms committee chaired by HP India MD to boost IT hardware sector

By Nikita Chaurasia

The India Cellular & Electronics Association (ICEA) recently announced the formation of a committee to promote manufacturing and exports of the IT hardware sector. The panel headed by Ketan Patel, HP India’s Managing Director, will set up a...

Amazon to stop on-site COVID-19 testing in U.S. warehouses this month

Amazon to stop on-site COVID-19 testing in U.S. warehouses this month

By Nikita Chaurasia

Amazon is reportedly planning to discontinue on-site Coronavirus testing for its warehouse employees in the United States. The retail giant confirmed slowing down the testing by 30th July and will only resume after receiving new guidelines change fro...

Ford partners with Oreo to develop special packaging for owner’s manual

Ford partners with Oreo to develop special packaging for owner’s manual

By Nikita Chaurasia

Ford Motor Company and American sandwich cookie Oreo have teamed up to create special Oreo Thins packages featuring the Ford Maverick pickup truck owner’s manual. The two companies have termed this scheme the “Oreo Thins Protection Progra...

Coca-Cola India to de-emphasize sugary drinks in sports sponsorships

Coca-Cola India to de-emphasize sugary drinks in sports sponsorships

By Nikita Chaurasia

Coca-Cola India Ltd. is reportedly planning to fade out its flagship ‘Coca-Cola’ brand from sports associations and is looking to pitch other products from its portfolio in the country. The decision has been made to reduce risks associat...