True Fit has secured investment of US$55m that will enable the US retail software company to further develop its AI (artificial intelligence) data platform and advance innovation of its personalised style, fit and analytics tools.
The Series C investment was led by Georgian Partners with participation from existing investors Jump Capital, Signal Peak Ventures, Intel Capital, and new investor Cross Creek Capital.
The company says the funding will help expand its offerings to include more robust open APIs (application programming interfaces), new AI-driven integrations, and new capabilities such as personal outfitting, chatbot virtual stylist, and enhanced visualisations.
The investment, True Fit says, underlines the rapid growth of its network of retailers and partners in North America, the UK and EU markets, while expanding into new global markets including Asia and South America.
The Boston-based company hosts a massive data platform, developed in partnership with leading fashion retailers and brands, that connects the unique relationships between millions of styles from 10,000 brands to the fit and style preferences of over 100m consumers.
Each piece of clothing and every shoe in its database is defined by 100 to 200 detailed attributes, including style characteristics and technical specs. The real time analytics platform then uses “advanced machine learning algorithms” to deliver personalised recommendations and curate full catalogues of shoes and clothing to match consumers’ fit, personal style, and performance needs.
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By GlobalDataFor retailers the benefits include better personalisation for shoppers from search and display, to on-site inspiration, to conversion confidence and returns reductions.
True Fit also says its analytics and insights can help retailers and brands make smarter merchandising, marketing, and manufacturing decisions.
“The retail industry is experiencing an exciting and profound shift toward great, personal experiences, and rich, data-driven personalisation is at the core driving the growth,” says William Adler, CEO of True Fit. “This round…underscores and accelerates our vision to be the intelligence inside every footwear and apparel shopping experience.”
