Volumental

Volumental is a Swedish FitTech company that provides 3D scanning and artificial intelligence solutions for the footwear retail industry. Founded in 2012 by Caroline Walerud, Alper Aydemir, Miroslav Kobetski, and Rasmus Göransson, the company originated from research at the KTH Royal Institute of Technology in Stockholm. The initial concept was to create a 'YouTube of 3D' by developing technology that could scan any object, but the company pivoted to focus on solving the problem of ill-fitting shoes. Co-founder Alper Aydemir, who now serves as CEO, has a background in robotics and computer vision, having worked at NASA and Google's Project Tango. Co-founder Caroline Walerud, who studied Natural Sciences at Cambridge, served as the initial CEO and is now the Executive Chairman.

Volumental's core product is a suite of hardware and software known as FitTech™, which captures detailed 3D measurements of a customer's feet in seconds using in-store scanners or a smartphone's camera. Its AI-driven Fit Engine® then analyzes this data, combining it with the world's largest database of foot scans and retail purchase data, to provide highly accurate footwear recommendations. This technology is designed to integrate seamlessly into both brick-and-mortar and e-commerce platforms, creating an omnichannel retail experience. The company operates on a subscription-based business model, providing its retail partners with continuous access to new features and data insights. Clients include major global brands like New Balance, Crocs, Under Armour, and Lululemon. By providing personalized fit recommendations, Volumental helps retailers increase conversion rates, improve customer satisfaction, and reduce returns by an average of 20%.

The company has raised a total of $17.7M over 7 funding rounds. A significant Series B funding round in December 2021 raised $13 million, led by CNI, to support global expansion. Volumental's technology is deployed in over 3,000 stores across more than 60 countries.

Keywords: FitTech, 3D foot scanning, AI recommendations, retail technology, computer vision, footwear retail, personalized shopping, omnichannel retail, size recommendation engine, e-commerce solutions, in-store technology, machine learning, purchase data analysis, customer experience technology, reduce retail returns, fashion technology, 3D imaging, digital marketing tools, subscription model, retail innovation, body scanning, custom fit, AI-driven software, retail analytics