The home design startup, which lets users visualize wares in their homes via 3D imaging and AR technology, has closed a $23 million Series B funding round. It was led by Advance Venture Partners (which is a branch of Advance Publication—parent company of Conde Nast) with previous investors including Norwest Venture Partners, NBCUniversal Cable Entertainment and Comcast Ventures also involved.
Users take a style quiz and submit images of their rooms; the Modsy team removes (virtually) any clutter to create a 360-degree room renderings; and then users can design their room with different products and layout options.
Modsy has raised $33.75 million to date, having had previously raised $2.75 million in seed funding from NORWEST VENTURE PARTNERS, Metamorphic Ventures (now called COMPOUND) and others, including angel investors from the home design industry including like Susan Feldman, the co-founder of ONE KINGS LANE, and Eoin Harrington, senior vice president at Restoration Hardware.
"Thanks to advancements in 3D renderings, the days of guessing how furniture and decor will look inside a space is long gone,” says Modsy CEO Shanna Tellerman. “This round of funding indicates that the industry is at a tipping point, and Modsy is leading the charge by taking a technology-first approach to transforming the home design market.”
Among the innovations Modsy has implemented recently are, as Tech Crunch recently reported, lowering the amount of human hours by 90 percent and cutting the consumer cost of the service from $99 to $69. Other updates for the brand include partnerships with retailers like West Elm, Target, Crate and Barrel and Wayfair.
Business of Home recently covered the impact of 3D imaging and augmented reality features with the home design realm, casting a spotlight on Modsy and another digital innovator, Hutch (the "home decor tool that mixes 3D technology with online shopping").