Lumikai leads $600K pre-seed round in Demoverse
Demoverse, a Bengaluru-based AI-powered product co-creation startup, has raised $600K in a pre-seed funding round, with gaming and interactive media-focused venture capital firm Lumikai leading the round through a $500K investment under its Pixels programme.
UAE-based deep tech investor-operator Marlan and a group of angel investors also participated.
Founded earlier this year by Akshay Mehta, Demoverse is building a platform where brands involve consumers in the product design and creation process, rather than using them only as a feedback mechanism after a product has been developed. Communities use AI-powered design tools to co-create on top of a brand's initial concept, and the platform combines AI-generated designs with human preferences and community participation to help brands identify designs with stronger consumer validation.
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“Brands will float a concept to their community, and the community will then co-create on top of it,” Mehta said.
The startup currently operates on a B2B2C model and has conducted around seven closed trials with brands in India. Fashion is its initial focus, with plans to expand into beauty, cosmetics, interiors and eventually other physical products, including automobiles and buildings. The newly raised capital will be deployed towards building its design community, strengthening its consumer application and expanding into the US market.
The startup plans three revenue streams: campaign fees paid by brands to run product-design and co-creation campaigns, commerce, and paid participation in larger design challenges and contests for its most active users.
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