Amazon has announced further expansion, this time through the acquisition of Manhattan-based artificial intelligence (AI) 3D body scanning startup Body Labs, according to Tuesday (Oct. 3) reports from TechCrunch.
The price associated with the deal has not been disclosed, but the news site’s sources have suggested a range of $70 million to $100 million. Amazon has yet to make a statement on the purchase, but Body Labs has already announced the development.
Founded in 2013, the software company uses AI and computer vision technology to create 3D human body models that are true to life and have myriad real-world and B2B software applications — including trying on virtual clothing and creating avatars for video games, according to TechCrunch. The startup raised more than $10 million through two investment rounds and saw $8 million in Series A funding in November 2015.
According to a recent CNBC article, Amazon’s acquisition of Body Labs may indicate its interest in further growth in the fashion industry. The company recently launched Amazon Wardrobe to help Prime customers try before they buy, and its Echo Look device gives fashion recommendations. Additionally, Amazon has launched 17 fashion brands since last year, nine in 2017 alone.
It has been a busy year for Amazon, and the eCommerce platform shows no signs of slowing down. Fresh off its acquisition of Whole Foods Market this summer, Amazon is making greater strides into grocery as it looks to expand its Amazon Go prototype grocery store into Paris, France, and listed several of the Whole Foods private label items on its website. The company also recently kicked off restaurant delivery services through a partnership with digital ordering technology provider Olo.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More