satyamkapoor

I work at ValueFirst Digital Media Private Ltd. I am a Product Marketer in the Surbo Team. Surbo is Chatbot Generator Platform owned by Value First. ...

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I work at ValueFirst Digital Media Private Ltd. I am a Product Marketer in the Surbo Team. Surbo is Chatbot Generator Platform owned by Value First.

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By satyamkapoor |Email | Jan 23, 2018 | 14106 Views

This third week of January, Artificial Intelligence take the fashion world by storm as two AI driven startups in the fashion space secured a total of 60 million dollars in seed capital investment.

According to William R. Adler, CEO of True Fit, the retail industry is undergoing a great shift towards a great, personal, data driven personalization being at the core of this growth.

The retail industry's data-driven personalization platform for apparel and footwear last week announced a new 55 million dollars Series C investment, led by Georgian Partners with participation from existing investors Jump Capital, Signal Peak Ventures, Intel Capital, and new investor Cross Creek Capital.

 

The new funding will further develop True Fit's robust AI data platform, as well as advance innovation of its personalized style, fit, and analytics solutions. It will also expand the company's offerings to include more robust open APIs, new AI-driven integrations, and new capabilities such as personal outfitting, chatbot virtual stylists, and enhanced visualizations.

 

True Fit secures 55 million while Finery raises 5 million dollars

Barely days later, The Finery, an automated online wardrobe platform with predictive analytics for styling and shopping, announced a 5 million dollars seed round led by NEA with participation from Farfetch, BBG Ventures, Adrian Cheng through C Ventures, Correlation Ventures, Next Coast Ventures, Halogen Ventures, RetailMeNot Founder & CEO Cotter Cunningham and TheSkimm founders, Carly Zakin and Danielle Weisberg. Finery's founding angel investors include Brooklyn Decker, Andy Roddick, Miroslava Duma, and Nasiba Adilova.

 

Funds from this round will be used to grow the company's team of top developers and data scientists. With a proprietary, automated backend process, Finery integrates seamlessly with a user's shopping history and purchase patterns, optimizing the second most valuable room in the home - a woman's closet. Since launch, the platform has garnered more than 100,000 users.

 

"With thoughtful investors from both tech and fashion by our side, we're committed to building out the most powerful set of software tools that are easy to use and invaluable to savvy female consumers - the kind of technology that makes women smarter about how they spend their money, style themselves and shop every day," said Whitney Casey, co-founder and CEO of Finery.

 

Casey went further and stated that they are in fact the first consumer facing, apparel based data to company that is capturing these insights and then seamlessly putting that vital information directly to work for women from the whom the data is collected. She does not wish to sell more stuff to women rather help women wear the things they already own. 

Source: HOB