2021-08-31, Stockholm, Sweden.
UXVentures AB (UX Ventures), a venture capital firm investing in technology companies focused on AI and 5G, has acquired Digital Luxury Stockholm AB(Digital Luxury), a company digitalizing the luxury product industry.
“We believe Digital Luxury has an opportunity to disrupt the luxury product industry by combining digitalization with unique design and form,” said Per Bystedt, CEO of UX Ventures AB.
With DigitalLuxury, UX Ventures can promote synergies with UXstream allowing UXstream to test its technology in a new vertical.
“This will give Digital Luxury the resources needed and reduce time to market for our first product.” Said Thomas Eriksson, founder and CEO of Digital Luxury.
Digital Luxury was founded by Thomas Eriksson, co-founder and previously CEO of NASDAQ-listedNeonode Inc. (NEON: NASDAQ). They are developing a high-end digital watch under the brand Platonum, with its first product, a luxury watch, expected to launch in Q1 2023. Digital Luxury is a spin-off from UXstream AB, also acquired by UXVentures.