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BNS - The Estonian Development Fund is investing 9.6 million kroons (EUR 0.6 mln) in the virtual model developer OU Massi Miliano.
As a result of the investment, a test solution of a virtual model will be launched in a leading international online shop this summer, the fund said.
The virtual model is being developed by Tartu University professor Alvo Aabloo and professor Maarja Kruusmaa of the Tallinn University of Technology. The technical solution of the Estonian scientists is being patented in the United States and other developed countries.
"Customers at present return up to 40 percent of clothing items purchased online. If a customer can in the future try on a shirt or a jacket on a virtual model corresponding to his measurements, returns are bound to diminish and people will be encouraged to increasingly buy clothing on the Internet," the Development Fund's investment expert Andrus Oks said.
Massi Miliano will market the virtual model under the trademark Fits.me.
Other investors in Massi Miliano are business angels and Webmedia AS. The deal gave investors a minority holding in the company. The law offices Sorainen and Luiga Mody Haal Borenius acted as advisers in the transaction.
(EUR 1 = EEK 15.65)
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