The genesis
PulpoAR was founded in May 2020 by Brazilian Rayan Godoi and Turkish entrepreneurs Onur Candan and Buğrahan Bayat. Headquartered in San Francisco, the start-up specialises in augmented reality applied to cosmetics, a market worth US$20.15 billion by the end of 2024, according to Horizon Grand View Research. As cosmetics brands seek to personalise a customer journey to enhance sales conversion, PulpoAR offers a virtual try-on solution to drive engagement and add-to-cart. The technology allows consumers to try makeup products in augmented reality or perform cosmetic diagnostics using AI, from their mobile devices, on e-commerce sites and in stores using connected mirrors.
Key figures
In June 2025, PulpoAR had 31 full-time staff compared to 28 at the end of December 2024.
For the year ended June 2024, PulpoAR generated revenue of US$70,000 (down 86% year-on-year) according to the financial report consulted by mind Retail, with a net loss of US$420,000. A year earlier, revenue amounted to US$490,000, with a net loss of US$870,000. When questioned by mind Retail, the start-up did not disclose revenue for 2025. According to a Spokesperson, “revenue growth is significant, driven by contracts with major accounts and our international expansion”. When asked about profitability, the firm agreed it is not yet profitable. “We are reinvesting heavily in product innovation, AI infrastructure, and our international development”.
Journaliste économique pour mind Retail depuis 2024, j’analyse la transformation digitale du commerce.