Carvana Adds 3D Computer Vision and Augmented Reality Expertise with
Mark Cuban-Backed Car360
PHOENIX--(BUSINESS WIRE)--
Carvana
(NYSE: CVNA), a leading e-commerce platform for buying used cars, has
acquired fellow technology innovator Car360, accelerating Carvana’s
360-degree photo technology capabilities with 3D computer vision and
augmented reality (AR).
More than five years ago, Carvana pioneered the 360-degree used vehicle
digital tour, showcasing each car’s features and imperfections in high
resolution, all powered by proprietary technology and patented photo
studios. Car360 has taken the concept mobile, enabling app-based photo
capture and even more immersive viewing capabilities.
“Carvana and Car360 both believe in the power of putting amazing
technology in the hands of the customer so they can make one of the
largest purchase decisions of their life with transparency and
confidence,” said Ernie Garcia, founder and CEO of Carvana. “Bringing
the Car360 team into the fold, we add even more entrepreneurial strength
in computer vision, AR and app based photo capture. This technology
unlocks a number of exciting capabilities that will further our mission
to change the way people buy cars.”
An early iteration of Car360 launched in 2012 as a 360-degree panoramic
video app called Cycloramic, and at one point became the No. 1
downloaded app on the Apple App Store with more than 20 million
downloads. In 2013, the wildly successful app caught the attention of
Mark Cuban on Shark Tank, leading to an initial investment that
eventually increased as part of a $3.55 million Series A financing round
for Car360 in 2017.
“We have long admired Carvana’s pioneering 360 work, and couldn’t be
more excited to team up,” said Bruno Francois, founder of Car360.
“Focusing our technology and innovation within the disruptive force
Carvana has established in the industry means we can realize the full
potential of our technology more quickly, and at significant scale –
we’re looking forward to seeing what’s possible, together.”
As one of the first commercially available uses of 3D computer vision,
machine learning and AR technology for the automotive industry, Car360
joins Carvana at an exciting time of hyper-growth, when more and more
consumers are ditching the dealership to buy online.
“The Car360 mission is to change the way companies capture and tell a
car’s story, which aligns perfectly with Carvana’s mission to change the
way people buy cars,” said John Hanger, CEO of Car360.
The full Car360 team will transition to Carvana, including Founder Bruno
Francois, CEO John Hanger and Chief Computer Vision Scientist Grant
Schindler, Ph.D.
About Carvana (NYSE: CVNA)
Founded in 2012 and based in Phoenix, Carvana’s (NYSE: CVNA) mission is
to change the way people buy cars. By removing the traditional
dealership infrastructure and replacing it with technology and
exceptional customer service, Carvana offers consumers an intuitive and
convenient online automotive retail platform. Carvana.com enables
consumers to quickly and easily buy a car online, including finding
their preferred vehicle, qualifying for financing, getting a trade-in
value, signing contracts, and receiving as-soon-as-next-day delivery or
pickup of the vehicle from one of Carvana’s proprietary automated Car
Vending Machines.
For further information on Carvana, please visit www.carvana.com,
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View source version on businesswire.com: https://www.businesswire.com/news/home/20180417005541/en/
Media contact
Carvana
Kate Carver
[email protected]
or
Investor
relations
Carvana
Mike Levin
[email protected]
Source: Carvana
