Inova
Inova’s innovative Augmented Reality (AR) product allows the consumer to virtually "measure" luxury rings without a physical measurement. The company has close cooperation with the Israel Diamond Exchange and multiple global collaborations.
10% of funding target
Highlights
Highlights
Investing alongside the largest Diamond Exchange in the world
Inova works in full cooperation with the Israel Diamond Exchange, one of the largest and most significant diamond exchanges in the international diamond market. The Diamond Exchange has chosen to invest in Inova in its pre-seed round and to incorporate it into its official Diamond Tech accelerator. Inova also operates from the Diamond Exchange Headquarters and its board of directors and its team of consultants are senior members of the organization. The diamond exchange’s extensive network is a significant leverage in creating leads and profitable business connections for Inova.
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Cutting edge technology in a Traditional Industry
The online stores of luxury accessories do not provide high-quality solutions for virtual measurement of their accessories. Inova's experienced team developed an AI algorithm based on innovative Deep Learning technology. The technology uses neuron networks to give the product advanced computer vision capabilities that enable the measurement of both the ring and the diamond with unprecedented accuracy: Inova's service independently identifies the appropriate finger, "dresses" the ring chosen by the customer and enables them to experience measurement and testing of the product. Also, virtual measurement allows customers to "measure" different diamond sizes on the finger. This extension is crucial to assist potential buyers to decide which size of a diamond to choose (number of carats), since the common consumer doesn’t know exactly how the different sizes will look on their hand. The use of Inova’s technology is very simple, does not require downloading or installation of any add-ons, and is available to every customer and customer who have a smartphone.
A groundbreaking solution for a huge market estimated at tens of billion a year
In recent years, the luxury ring & jewelry market has entered the e-commerce arena with a huge volume of tens of billions of dollars a year, and the average purchase price of an online ring has risen tens of percent in recent years and is constantly on the rise. The purchase of luxury rings online eliminates the cost of brokerage between the manufacturer and the buyer, reduces the price of the ring and is therefore very attractive to the consumer. Inova's innovative product solves the problem of potential buyers not being able to measure the ring on hand and allows online jewelry stores to offer their customers a precise "measurement" of the ring by simply taking a photograph of their hand using their smartphone. The product effectively eliminates the main barrier to buying diamond rings in online stores and allows companies to grow in sales.
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Advanced negotiations with dozens of international companies and high expectation in the industry
Inova already has paying customers in several countries. The company has a large clientele in the US, operates a pilot in cooperation with one of the largest companies in the UK and Europe in the field of engagement rings and diamond jewelry and is currently in advanced negotiations with dozens of companies worldwide, and according to HubSpot's estimate, the contract is worth tens of thousands of dollars. Inova was selected Top Pick at the TechCrunch exhibition in Germany for innovation in online trading and received media coverage on various local and international channels and various other media outlets.
Winning Team of experienced senior executives from the israeli diamond industry
The company has a team of senior and experienced consultants, including Mr. Yoram Dvash, President of the Israel Diamond Exchange, and Mr. Eran Zinni, Managing Director of the Israel Diamond Exchange Ltd. Inova’s CEO, Arthem Soundelzon, has over 14 years of experience in Internet and e-commerce Technological developments in the diamond industry, including the development of a significant technological project in this industry, which is also used today. The company's CTO, Gennady Pisetzky, has over 30 years of experience in the technological development worlds, including 17 years as CTO of start-ups in the diamond industry.
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Pitch
Pitch
The Problem
The world of e-commerce has been growing in recent years in many commercial areas, from food products, clothing, electrical appliances and more. Purchases made in the past by physically accessing the place of sale are now conducted mainly on the Internet. The market for jewelry and luxury rings has undergone a similar change in recent years, but the purchase of diamond rings on the Internet has encountered a significant barrier to Internet commerce in this industry. Unlike many products that do not have to be physically tested before purchasing (for example food products, Some of the clothing products, electrical appliances, and accessories), purchase of a diamond ring requires careful measurement before purchase. Buyers of luxury rings in particular and rings in general, are interested in measuring the ring before making a purchase and examine how the ring and diamond will look in reality. Also, the measurement experience of jewelry is part of the psychological connection to a product that increases the desire and willingness to make a purchase - which has not been possible to date through the Internet. Today, about 40% of the potential customers of luxury rings on the Internet refrain from making an online purchase for the same reasons, and thus a huge market share of tens of billions and more remains unrealized.
The Solution
Inova has developed a unique and revolutionary technology that enables each purchaser to "measure" the ring on their finger, without the need for physical measurement and without installing or downloading any software. Inova's technological solution is embedded in online product lines of luxury rings, and through a simple and easy photograph of the hand through the smartphone, the desired ring 'dresses' itself on the right finger in precise proportions. Inova's algorithm enables precision capability that has not existed in the market before and provides a quality virtual measurement experience that gets the customer more emotionally connected to the product. In the year 2019, Inova's service is expected to expand to other luxury accessories in the jewelry market, such as watches and bracelets.
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How Does It Work?
- Advanced AI technology gives Inova’s product a computer vision and allows it to “learn” the customer's hand, identify the appropriate location for the ring on the finger, and accurately dress the virtual ring on it.
- Deep Learning: The service learns and improves all the time: Through neural network-based learning, Inova's service improves with every measurement done and the accuracy of the service increases.
- Plug & Play: No need to install or download software: The service is automatically accessible to the potential buyer on the ring's product page, and all that is needed is a smartphone with a camera, which is nowadays present in every pocket.
- Future Video Streaming: During 2020, the company is expected to release the second generation of the product and for the first time allow real-time video measurement of the rings, so that the client can direct the camera to their hand and see the selected ring on their finger.
Offline Solution for Physical Stores
Another solution that Inova offers to offline stores is an AR (Augmented Reality) stand, which offers virtual measurement, as well as a Design Your Own Ring service. Naturally, physical stores do not have all the inventory they offer for sale at any given time, which may result in a missed opportunity to sell. Also, sometimes the customer wants to assemble a diamond on another ring than what is in stock at the moment, which of course can not be measured immediately. Inova's AR stand enables virtual measurement of rings that are not physically present in the store inventory (similar to Inova’s online service), and a virtual ring can be designed according to customer requirements. The AR stand also includes an artificial intelligence marketing system that conducts targeted marketing inquiries to a customer who measured a virtual ring and left their contact details, based on the preferences they showed when designing and measuring the virtual ring in the AR stand.
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Team
Team
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Our company is headed by an experienced CEO of internet and e-commerce startups with 14+ years as an entrepreneur. Artem founded Paasweb in 2005, a company serving as an advisor for technological startups. Started his Entrepreneurs career with successful worldwide e-commerce projects. Is chairman at the private chess academy, White Rook. Since 2010 Artem has worked in the diamond technical industry and led the development of the key technological project in the diamond industry (that are active till today).
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Gennady has over 30 years of experience in software and web development, Big-Data, algorithmic research, and as a CTO in technology companies and startups. Gennady also has 17 years‘ experience as a CTO in diamond industry companies. Gennady is a ‘Candidate of Science’, (Ph.D.) from the Moscow State University.
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Yoram Dvash serves as the president of the Israel Diamond Exchange since 2015. He is first generation in the diamond industry and founder and owner of “Diamonds Y.Dvash”. He has been active in the diamond industry for more than 30 years and has held several key industry roles. He is a member of the Israel Diamond Manufacturers Association (isDMA) and serves at the board of the Israel Diamond Manufacturers Association. Yoram has initiated the establishment and development of the modern manufacturing center of the stock exchange. In 2016 he was elected vice president of the World Federation of Diamond Bourses. As president of the TASE, he brought the vision to establish the Innovation Center and Technological Incubator at the Diamond Exchange.
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Boaz Moldawsky, businessman and diamond merchant is a second generation in the diamond industry. His family is one of the founders of Israel‘s diamond industry. Boaz is co-CEO of the Moldawsky Group, which deals in diamonds, real estate, and technology. The group has more than 60 years of experience in the diamond industry and specializes in diamond production and trade. Boaz is the Chairman of the Israel Diamond Institute, Chairman of the Israel Diamond Exchange‘s Finance Committee and Chairman of DiamondTech‘s Technological Incubator.
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Eran Zini is the CEO of the Israel Diamond Exchange and has professional experience in the business world and the political world. Eran served as a paralegal assistant, was appointed senior advisor on government affairs and as a Knesset member to the Minister of Justice. Eran is a member of the Manufacturers Association of Israel and a member of the advisory forum for the Bar-Ilan University School of Business Administration. He has a BA in International Relations and Political Science from the Hebrew University of Jerusalem and an MBA in International Management.
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Dubi Lachovitch has more than 20 years of experience as an investor in the venture capital world. Dubi was chosen as one of the leading Angel investors in Israel. Currently, he serves as CEO and co-founder of the venture capital fund “Plus Ventures”, and has established and managed one of Israel‘s leading technological incubators - Explor.Dream.Discover, as chairman and board member of a number of portfolio companies, and has been involved in YOTPO, WSC Sport and more.
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