MemoMi is responsible for creating the most advanced digital mirror in the world. MemoMi's software is groundbreaking, award-winning, and highly transformative, having already had significant impacts on the luxury shopping market. Here is a review of 20 things you probably didn't know about this company, its product, team, and future.
1. It Is a Software Development Company
MemoMi Labs Inc. is a software development company based in Palo Alto, California. It is the developer and patent holder of the MemoryMirror™ solution, which is its core technological product. Employing between 11 and 50 employees, according to LinkedIn, MemoMi is among a new generation of tech companies dedicated to exploring the Internet of Things. Its team is focused on making everyday devices more connected and intelligent, subsequently transforming other industries like retail.
2. It Is the Creator of MemoryMirror®
Through its technological lab, MemoMi produced the world's first true vision, high fidelity digital imaging software platform – what it called the Memory Mirror®. The company also holds the patent for this product, which is the first of its kind on the market. It is an augmented reality and AI platform that has already won awards for its remarkable features and functionality. Essentially, the MemoryMirror enables customers to try products from online and in-store shops virtually and receive recommendations based on preference, style, and profile. This technology has changed how people shop in retail, especially as more storefronts adopt an online marketplace as a shopping option.
3. Its Mirror Is the First of Its Kind
As mentioned, the MemoryMirror is award-winning and the first of its kind. But why does it really stand out? Among other things, the MemoryMirror is the first digital mirror to dress shoppers virtually and allow customers to see what they look like in an item from all angles. Additionally, it helps retailers gather crucial shopper data by measuring and analyzing how customers behave in-store. More and more retailers are adopting the technology to improve customer shopping experience and satisfaction.
4. It Is Located in Silicon Valley
Although MemoMi has offices in Tokyo and Paris, it is headquartered in Silicon Valley. Its main offices are at 228 Hamilton Ave, Palo Alto, CA 94301, US. The company’s location is very apropos of tech companies that seem to congregate around Silicon Valley. However, as it expands its operations and works with even more companies, MemoMi is opening up new offices in different locations.
5. It Produced a Multi-Layer AR and AI Engine
MemoMi used a pixel and physics-based algorithm to create a realistic and augmented reality experience that is highly personalized. The technology works across many platforms, including Android, iOS, and the web and is useful for both online and in-store shopping experiences.
6. Its Product Has Wide Industry Application
The MemoMi MemoryMirror took the world by storm in part thanks to its wide applicability. It has relevant uses in many industries ranging from skincare, fashion, and beauty to optical care. In fact, the technology can be fully customized for use in any fashion and beauty product. This wide industry applicability is why many companies are lining up to work with MemoMi.
7. It Provides Powerful AI Personalization
In addition to creating a digital mirror, MemoMi has gone a step further to personalize the shopping experience for shoppers and increase their satisfaction. The company's patented technology maps and analyzes data from customers precisely to provide personalized and accurate recommendations in real-time. The results are remarkable and make shopping all the more fun and engaging.
8. It Has a Stake in the Eyewear Industry
MemoMi’s MemoryMirror uses artificial intelligence to analyze a customer’s face shape and match it to perfect eyewear frames. Customers can also use the technology to record their try-on sessions, compare their try-ons side by side, and share the results to get second opinions from friends and family. Thanks to this technology, MemoMi has permeated the eyewear industry, and its digital mirror is used in several optical care shops, both in-store and online.
9. It Partners with Several Leading Companies
MemoMi has partnered with many leading tech companies using its patented MemoryMirror. This includes IBM, Panasonic, Sony, and Intel. In doing this, the company has been able to improve the functionality of its digital mirror, allowing shoppers to try on items virtually, compare try-ons side by side, and share their images with their friends and family online. All this through one AI platform.
10. It Has a Diverse Team
MemoMi is not a very large company, but its team is highly experienced and diverse. The company's GM EMEA, Romain Daumont, is a French super-connector, networker, businessman, and entrepreneur. He has been a sales and business leader for more than 16 years and currently manages business performance for several midcap and blue-chip companies across the world. Roman has experience in a wide range of fields and has cultivated close relationships with luxury brands like Coach, Louis Vuitton, Cartier, Estee Lauder, L'Oréal, Chanel, and Dior. Meanwhile, MemoMi's creative director and advisor is award-winning German designer Tobias van Schneider. Schneider's role falls smack between brand identity and product design, and he is responsible for influencing a number of beloved products, including Bwin, Ralph Laure, Toyota, Sony, Wacom, Google, BMW, NASA, Red Bull, and Spotify. He also co-founded a portfolio system for designers called Semplice. In recognition of his work, Schneider has received awards from the FWA, Awwwards, The Webbys, Cannes Young Lions Austria, and Adobe. He has also been featured in several top magazines.
11. Its CEO and Founder Previously Founded 3 Companies
MemoMi's CEO and founder, Salvador Nissi Vilcovsky, is an interaction design expert and serial entrepreneur. He founded three successful companies before MemoMi; all focused on network systems integration. With over 15 years of experience in international management at the executive level, Vilcovsky is a household name in experience-based design and rapid product development. He holds a BA in Business from the University of Manchester, an MA in Design from Domus Academy, and ACSE accreditation from the MIT Sloan School of Management.
12. Its CTO Holds More Than 30 Patents
MemoMi’s CTO, Ofer Saban, is another powerful name backing this company. Saban has over 17 years of leadership experience, acting as R&D director and CTO in several tech companies. Before founding MemoMi, Saban was the CTO at the Fortune 500 called Corning in the wireless business unit. He had previously served as the R R&D and IP portfolio manager and CTO at Mobile Access before the company was acquired by Corning for $150 million. Saban is highly skilled in electro and wireless optics and image processing. He holds a BSc in electrical and computer engineering from Beer Sheva University and MSc in Electromagnetic and Electro-Optics from Tel Aviv University, where he graduated Suma Cum Laude. Currently, he holds more than 30 patents, with 15 already issued.
13. It Was Recently Acquired by Walmart
Walmart announced its plan to acquire MemoMi on June 29, 2022, in a bid to expand its portfolio of virtual try-on services for customers. The two companies plan to provide virtual try-on experiences for Walmart's eyewear line. Although the terms of the deal were not disclosed, both companies expressed their joy and anticipation of working together. Walmart and MemoMi previously partnered on a project that involved over 550 Sam's Clubs and 2,800 Walmart Vision Centers.
14. Its Tech Team Also Joined Walmart
During Walmart's announcement of acquiring MemoMi, the company made it clear that it was interested in both MemoMi's tech and its highly advanced team. In line with this, co-founder and CTO Ofer Saban and fellow co-founder and CEO Salvador Nissi Vilcovsky announced plans to join Walmart. Saban, Vilcovsky, and others from the team will complete the move in the coming weeks when the deal officially closes, and the companies get regulatory approval. As of now, the co-founders have not received any official titles, although they have confirmed they will be joining the Global Tech team. In a statement with Tech Crunch, the senior VP, New Businesses & Emerging Tech, Walmart Global Tech, Cheryl Ainoa, said, “We’re excited to welcome the MemoMi team to Walmart and add their capabilities to our leading virtual reality technology that is transforming the retail experience for our customers and members,”
15. Both Companies Will Focus on Eye Care
Walmart has dubbed the acquisition of MemoMi as the ‘next step’ in providing affordable and personalized access to eye care online. From this statement, it is safe to assume that both companies will focus on optical care and take on previous rivals like 1-800 Contacts and online optical brands like Warby Parker. Walmart’s move to bring the tech aspects of this project in-house will ensure that both teams can work more closely on integrations and development. Commenting on the acquisition, David Reitnauer, VP, Specialty Services, Walmart Health & Wellness, said that the “… acquisition supports our Health & Wellness mission to provide accessible care to the communities we serve.” He also reiterated the importance of offering Walmart customers quality choices and experiences when it came to eye care.
16. Its Future Is Currently Uncertain
Through its website, MemoMi markets itself as a technology provider whose product has wide industrial applications, including beyond health care and encompassing footwear, accessories, fashion, beauty, and more. Unfortunately, Walmart has only suggested plans to incorporate the company's tech into its optical care unit. It is uncertain what plans Walmart has for MemoMi in these other areas and whether the focus will remain solely on virtual optical try-ons. It is also unclear how the team at MemoMi will choose to proceed in the future if this is the case.
17. It Has Previously Worked with Walmart
Even before the acquisition, MemoMi worked with Walmart on past projects. The company has been performing digital measurements for Sam's and Walmart customers since 2019 across more than 550 Sam's Clubs and 2,800 Walmart Vision Centers. MemoMi also powers SamsClub.com.’s optical e-commerce experience. David Reitnauer says of these services, “Customers are looking for access to care digitally, in their homes, and purchasing eyeglasses is no different." From their previous interaction, which seems to be going smoothly, Walmart and MemoMi will likely work well together post-acquisition.
18. Its Product Is Revolutionizing Fashion
MemoMi's MemoryMirror is the first digital mirror to allow shoppers to see how they look in an item from all angles, including behind. Customers can also try on clothes without taking off what they are wearing, as is the case in most in-store shopping experiences. Furthermore, MemoMi's technology allows you to change patterns, clothes, and colors instantly as well as compare different try-ons virtually. You can also add accessories and use a simple gesture to get a 360-degree of the entire outfit. These features have completely revolutionized the shopping experience in many retail fashion stores.
19. It Is Associated with Many Luxury Brands
Since its inception, MemoMi has been responsible for powering the experiences of many renowned luxury beauty brands. You can find MemoMi technological solutions in a wide range of stores, including in stores in Tokyo, Paris, London, San Francisco, and New York. Part of this widespread success can be attributed to the relationships the team at MemoMi has cultivated with luxury brands over the years.
20. It Is Involved in the Beauty Market
In addition to allowing customers to try on eyewear (optical care) and clothing items (fashion), the MemoryMirror can also be used in the beauty industry in makeup stores. The digital mirror allows shoppers to try on new looks using lipstick, blush, and foundation, all with augmented reality. It then records a customer's makeup session in good lighting, keeps tabs on their preferences, and offers personalized recommendations based on past shopping experiences.
Written by Allen Lee
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