eazel is a global online art community and social art education platform that offers users best-in-class, fully-immersive and content-rich, virtual art experience tours.
Currently, we are a Korean entity but we will become an American company before closing this round.
Currently, we have over 38,000 active monthly end users on the eazel platform ( March 31, 2019). We are realizing our mobile application in two weeks, and based on current trends are looking to increase are the end-user number to 55,000 by the end of Q2'19. We have experienced a compounded annual growth rate of 176% YOY.
Last year in revenues we made $126K based on charging one-time filming fees. We have experienced 200% growth rate in revenues YOY.
The global art market ( sales, education, and content) is currently a +$90B industry. Currently, we are targetting blue chip and premier art venues ( museums, galleries, and art fairs). Globally, there are over +10,000 of these venues.
Problem or Opportunity
Art is a language and commodity shared that is globally, however, access to this commodity is limited due to a lack of accessibility. Currently, art venues, galleries, and museums have no universal platform for engaging with consumers in order to increase exposure, educate patrons, and drive sales. On the other hand, art lovers, collectors, and the general public have no singular resource to discover, learn about, purchase, or experience art.
Solution (product or service)
eazel digitally maps and archives art environments, creating fully-immersive best in class virtual tours. This has allowed us to create a free-to-access and easy-to-navigate platform and database of contemporary art exhibitions, unparalleled in size and scope (the largest 3D repository of archived contemporary art). In addition, we are able to collect data on how people all across the world access and use our repository of archived art.
We have a few competitors that are within the art-technology space. Online art sales companies such as Artsy, Saatchi, and Paddle8 are dominant sales tools for galleries. In addition, smaller companies such as Artland, and WalterCube try to use VR and 3D mapping to break into the online sales market.
Advantages or differentiators
eazel is uniquely qualified to become the dominant player in the 3D art market as we have a very sophisticated 3D mapping technology, which we have been able to perfect due to our close relationship with the camera company we work with. In addition, our filming style and curation have led to a better end user experience, showcased by our 95% retention rate of galleries when they join our platform. In addition, we have a strong tech team that is in the process to develop unique features within the 3D tour such as audio tours, and data analytics that no one has done.
As we are not a sales platform we work with all art venues, such as museums, and cultural institutions. This has allowed us to gain more market traction, and gain attention from a variety of end-users. As a result of this, we are in talks with institutions such as the UN, hospital systems, and, educational boards to implement the eazel platform within their respective organization.
We also are located in high growth and high potential market in Asia. We have a strong presence in Seoul, and Hong Kong, and are partnered with firms that want us to expand into China, and India within the year. Asia is the fastest growing art collecting market in the world.
SaaS Model: We will be charging galleries around $100-$125 a month on average for 6 filmings a year. In addition, we will start to upsell to galleries data packages and event packages. ( On the gallery side we are still working out the exact details).
Community Meetups: We will start charging corporations towards the end of this year around $500 a month to host private events at galleries we are partnered with.
Subscription: By the end of 2020, we will charge large institutions and end-users fee to access archived and curated sections of eazel. Through market analysis, we project that we can charge end-users around $4 per month for a subscription.
Data: We will start to provide galleries and third-party institutions with data.
Through this model, and our projected art venue and end-user growth rate, we are looking at hitting +$1MM in revenue by Q3'20.
Currently, eazel is charging one-time filming fee, however in Q3 '19 eazel will charge art venues a SaaS fee based on their square footage and the number of filmings. This model is being beta tested in Korea, we have a very good reception of this model there. In addition, we will start to monetize our community meetups by the end of 2019.
In addition, by the beginning, Q4'20 Eazel will charge end-users and large art and educational institutions a freemium-based fee for specifically curated content. Lastly, from the data we will be collecting eazel will provide art venues and third-party companies with data sets representing global art consumption trends (Q2'20).
Money will be spent on
The money we will raise will be used to:
1. Formulate strategic partnerships with art institutions
2. Expand and reﬁne sales and marketing channels in NYC, HK, and Seoul
3. Hire engineers to iterate on product offerings
4. Scale customer acquisition channels
5. Expand to new key cities
Risks include that the art-world is not willing to accept this new technology. Mitigant: We have partnered with the top galleries within the industry already, and they have seen the positive impact we have on the galleries bottom line. As the top galleries work with us, we can easily move into the middle to lower art galleries.
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Colby college business competition
Dcamp - Startup competition winner
Betherocket season 4 - Startup competition winner
Government Technology grant Winner ( South Korean Government)
TIPS - Tech Incubator Program for Startup Korea