London-based Intelistyle has received $600,000 in funding in a seed round led by Metavallon VC.
The seed funding will be used to accelerate growth in the US and European markets.
Although the company is not based in Canada, it’s been working out of Techstars’ AI hub in Montreal, and is currently in negotiations with undisclosed Canadian retailers.
Intelistyle’s platform crawls the web for fashion photography, and uses AI to learn what looks good together. Retailers can use Intelistyle to provide advice at retail locations online or in store.
“What sets us apart is that our AI works with user-generated photography, constantly learns from the latest trends, and then tailors recommendations to each user’s body type, colours and personal style, offering a personalized omnichannel experience with the user’s own clothes or new,” said Intelistyle co-founder Kostas Koukoravas. “The quality of our recommendations currently outperforms the results of published academic research in the space of outfit generation. We can second-guess the choices of a human stylist with impressive accuracy. We’re excited to work with Metavallon VC to develop our technology and expand our service globally.”
The seed funding will be used to accelerate growth in the US and European markets, and product development through development centres in London and Athens.
“Personalization is seen as key to success by 94 percent of retailers, and we see Intelistyle as a leader in offering a personal and inspirational shopping experience,” said Yorgos Mousmoulas, partner at Metavallon VC. “We’re only at the beginning of the artificial intelligence era, a technology set to change industries and create transformational impact on business and society. We anticipate increased implementation of AI in the foreseeable future as companies already invest tens of billions of dollars globally in AI and ML technologies and see massive improvements in their workflow. We’re excited to work together with Intelistyle team as they build out their vision and offering that serves the growing fashion industry and market.”
