Infinite Reality follows hefty fundraising push with agreement to buy virtual stores firm Obsess

Infinite Reality, which powers digital media and e-commerce through extended reality (XR), artificial intelligence (AI), and other immersive technologies, has entered into a definitive agreement to acquiree Obsess, a virtual platform that has launched over 400 3D digital stores and experiences.

Financial terms of the deal were not disclosed.

The acquisition comes on the heels of iR’s $3 billion in fundraising announced earlier this month, and marks the first acquisition since the raise in capital. It will integrate Obsess’s technology and cross-platform distribution capabilities into its product portfolio, expanding its e-commerce solutions.

Founded in 2017 by CEO Neha Singh, Obsess has worked with the likes of Ralph Lauren, L’Oréal, Crate & Barrel, e.l.f. Cosmetics, J.Crew and Disney Music Group. Singh, who brings expertise as both a former Google software engineer and the previous Head of Product for Vogue, joins Infinite Reality as Chief Innovation Officer, and will continue to develop new products that aim to reimagine how brands interact with consumers online.

“Obsess’s stellar track record of building successful 3D virtual stores for major brands is a testament to the incredible opportunity ahead,” says John Acunto, Co-founder and CEO at Infinite Reality. “Neha and her brilliant team share our vision to upgrade the ancient 2D web grid to improve e-commerce KPIs for our clients, and delight their customers with more engaging, dynamic, and personalised experiences.”

“Obsess was founded on the belief that it was time to reinvent the outdated e-commerce experience,” says Singh. “We have built a platform that creates the next generation consumer interface with visually dynamic and interactive experiences that are highly engaging and feel alive. As a part of Infinite Reality, we are doubling down on our mission to supercharge consumer engagement with immersive brand storytelling.”

“Our aggressive growth strategy is laser focused on leading the future of immersive technology with the most powerful and complete platform for software, content, and services. Bringing Obsess and Neha’s incredible team onboard supercharges our trajectory,” says Amish Shah, Co-founder and Chief Business Officer at Infinite Reality.

“With their visionary talent joining the iR family, we are not just changing the game - we are creating an entirely new playbook for what's possible in this space.”

2024 RTIH INNOVATION AWARDS

Virtual stores were a key focus area at the sixth edition of the RTIH Innovation Awards.

The awards celebrate global tech innovation in a fast moving omnichannel world.

Our 2024 hall of fame entrants were revealed during an event which took place at RIBA’s 66 Portland Place HQ in Central London on 21st November, and consisted of a drinks reception, three course meal, and awards ceremony presided over by comedian Lucy Porter.

In his welcome speech, Scott Thompson, Founder and Editor, RTIH, said: “The event is now into its sixth year and what a journey it has been. The awards started life as an online only affair during the Covid outbreak, before launching as a small scale in real life event and growing year on year to the point where we’re now selling out this fine, historic venue.”

He added: “Congratulations to all of our finalists. Many submissions did not make it through to the final stage, and getting to this point is no mean feat. Checkout-free stores, automated supply chains, immersive experiences, on-demand delivery, next generation loyalty offerings, inclusive retail, green technology. We’ve got all the cool stuff covered this evening.”

“But just importantly we’ve got lots of great examples of companies taking innovative tech and making it usable in everyday operations - resulting in more efficiency and profitability in all areas.”

Congratulations to our 2024 winners, and a big thank you to our sponsors, judging panel, the legend that is Lucy Porter, and all those who attended November's gathering.