Memomi, an augmented reality (AR) optical tech startup founded by Israelis, is set to be acquired by Walmart. The acquisition is expected to close in the coming weeks, and Memomi employees will join the Walmart Global Tech organization. But there is no word yet as to the purchase price.
Walmart is one of the world’s largest retailers with approximately 230 million customers who visit more than 10,500 stores and clubs under 46 banners in 24 countries and eCommerce websites around the world. With fiscal year 2022 revenue of $573 billion, Walmart employs approximately 2.3 million associates worldwide.
AR is a type of virtual reality defined as an interactive experience of a real-world environment in which all manner of things that we find in the world are recreated. This is done with computer-generated perceptual information, sometimes across multiple sensory modalities, including visual and audio. And it has great potential for use in retail sales, especially now that everyone is doing their shopping on line.
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Basically, an AR company like MemoMi are developing the tech needed to allow people to enjoy the advantages of shopping in a real store while shopping on line. People will be able to try on clothing, see how things really do look and feel close up, actually sit on that couch or lie on that bad, and so much more. So, it is obvious why Walmart would be interested in acquiring this kind of technology.
Founded in 2015 by Israelis Salvador Nissi Vilcovsky and Ofer Saban, who was the CTO at MobileAccess, MemoMi is the developer and patents holder of the core technology for the MemoryMirror solution and is one of a new generation of technology companies focused on the Internet of Things: transforming industries such as retail by making devices more intelligent and connected. Using its own patented image processing technology, MemoMi partners with leading technology companies, including Intel, Sony, Panasonic and IBM.
Salvador Nissi Vilcovsky is an Israeli serial entrepreneur and interaction design expert. Prior to founding MemoMi, Salvador founded and exited three successful network systems integration companies.
MemoMi introduced the world’s first digital mirror – the MemoryMirror. The company boasts that it saves shoppers’ images with everything they try on, compares try-ons side-by-side, and makes sharing looks easier than ever. It is the first mirror to show shoppers what they look like from behind, and even dresses them virtually.
The MemoryMirror also helps retailers gain valuable shopper data by measuring and analyzing in-store behavior for the first time, just like online. Leading retailers rely on MemoMi to transform their stores and reinvent the personal shopping experience.
Since 2019, Memomi has enabled digital measurements for all Walmart and Sam’s Optical customers, across more than 2,800 Walmart Vision Centers and 550 Sam’s Clubs, and powered the Optical eCommerce experience on SamsClub.com. Acquiring Memomi, an AR company, is the next step in Walmart’s journey of offering personalized, affordable access to optical care. This acquisition furthers Walmart Health & Wellness’ strategy to deliver integrated, omnichannel healthcare, leveraging data and technology to improve engagement, health equity and outcomes.
“Walmart’s ability to roll out our virtual try-on and contact-free digital measurements service in a short period of time shows how committed Walmart is to its customers’ need for digital care in-stores and at home,” said Ofer Saban, Chief Technology Officer, Memomi.
“Customers are looking for access to care digitally, in their homes, and purchasing eyeglasses is no different,” said David Reitnauer, Vice President, Specialty Services, Walmart Health & Wellness. “This acquisition supports our Health & Wellness mission to provide accessible care to the communities we serve.”