AI-powered ‘Digital Twin’ Creator Covision Media Closes 5 Million Euro Seed Funding Round
Summary
PARIS Covision Media closed a 5 million euro seed round to accelerate the development and commercialization of its 3D scanning and AI content creation technology.It follows the opening in February of Covision and CLX Europes joint Paris-based studio, dedicated to working with brands to create realistic and moveable photos for e-commerce, social media, virtual try-on and interactive campaigns.The round was led by CDP Venture Capitals Artificial Intelligence Fund, Euregio+, Redstone VC and The Techshop.Covision cofounder Harald Oberrauch joined the round, along with the Tyrolean Business Angels Network. Fossil Group chief executive officer Franco Fogliato, Fossil Group chief digital and information officer Antonio Carriero and Ferragamo family member Emanuele Visconti are among the angel investors, as well as Andreessen Horowitz operating partner Nathaniel Barling, among others.This seed funding marks a major milestone for Covision Media as we push the boundaries of 3D AI, said Covision Media cofounder and CEO Franz Tschimben. We are excited to have the support of top-tier investors who share our vision for scaling 3D technology across industries.As part of the deal, CDP Venture Capitals Artificial Intelligence Fund partner Marco Allegretti, Redstone VC investment director Ben Scheidt and The Techshop founder and managing partner Gianluca DAgostino will join the board.We are excited that Covision Media is the first investment of Italys largest AI fund, said Artificial Intelligence Fund head Vincenzo Di Nicola. Covision Media represents a prime example of a thriving Italian deep-tech company that harnesses the power of AI to develop and deliver exceptional products bridging the gap between the digital and physical worlds.DAgostino said The Techshop was impressed by the combination of Covisions hardware and software technology, which enables the creation of 3D models with a wide range of applications. Meta is using the technology to build its 3D Digital Twin Catalog, a database allowing for AI models to be trained on its images.The strong early traction and growing interest from major e-commerce brands and marketplaces, along with the partnership with Meta, further confirm the companys huge potential, DAgostino said.The Covision technology takes 15,000 images in eight minutes, then uses non-generative AI to compress the images into one model for CLXs post-production.