CNN Central News & Network-ITDC India Epress/ITDC News Bhopal: Lumikai raises $600,000 in pre-seed funding for Demovars
New Delhi. Artificial intelligence-based co-creation platform Demovars has raised $600,000 in pre-seed funding led by Lumikai. In this round, Lumikai invested $500,000 under its “Pixels” programme. UAE-based investor Marlon and some angel investors also participated in the round.
Demovars was founded by Akshay Mehta. The company is developing a platform where consumers can directly participate in the design and development of brand products before they are brought to market. Brands share an initial product concept on the platform, after which consumers can use artificial intelligence to change and improve its design. Community members then evaluate and vote on the designs created. According to the company, consumers whose ideas are included in the final product may also receive royalties when the product is commercially launched. Demovars presents this model as a shift from “user-generated content” to “user-generated products”.
The company’s initial focus is the fashion sector. It plans to expand later into areas such as beauty products and consumer packaged goods. Demovars has also conducted early trials with Indian consumer brands. The new funding will be used to convert early brand partnerships into paid campaigns, expand in the US market and grow the community of consumer creators. The company is also part of the Nvidia Inception programme.
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