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

Indian food delivery giant Swiggy to buy Dineout from Times Internet

Indian food delivery giant Swiggy to buy Dineout from Times Internet

By Nikita Chaurasia

Swiggy, an Indian food delivery giant, has recently announced an agreement with Times Internet to buy Dineout, a dining and restaurant technology platform. Swiggy will use the acquisition to enter the dining out (non-delivery) market, where it will c...

Grocery delivery platform Instacart files for U.S. stock market debut

Grocery delivery platform Instacart files for U.S. stock market debut

By Nikita Chaurasia

Instacart, a grocery delivery service, has announced that it has submitted a provisional registration statement with the Securities and Exchange Commission (SEC), clearing the way for the company to list its shares on the U.S. stock exchange. The ...

Tyson Foods improves annual sales outlook as meat prices surge in U.S.

Tyson Foods improves annual sales outlook as meat prices surge in U.S.

By Nikita Chaurasia

American food major Tyson Foods Inc. has reportedly improved its full-year sales outlook after witnessing better-than-expected earnings and revenue in the last quarter. The company raised its full-year sales to around USD 54 billion, above the averag...

EU likely to enforce new rules to regulate tech giants in spring 2023

EU likely to enforce new rules to regulate tech giants in spring 2023

By Nikita Chaurasia

The Executive Vice President of the European Commission Margrethe Vestager reportedly claimed that the union is likely to start enforcing the Digital Markets Act (DMA) in the spring of 2023. The antitrust legislation, which aims to limit the power of...

India teams up with Japan to develop affordable EV charging standard

India teams up with Japan to develop affordable EV charging standard

By Nikita Chaurasia

India and Japan are reportedly working on a joint initiative to develop a standard for electric vehicle charging in emerging markets. The duo will use Japan’s protocols to make easier-to-install and operate EV charging stations. The CHAdeMO ...