Clothing and footwear data platform True Fit has secured $55m (£39.9m) in its latest funding round, which it will use to boost its artificial intelligence (AI) offering.
The bulk of the latest funding is from venture capital firm Georgian Partners, with further participation from existing investors Jump Capital, Signal Peak Ventures, Intel Capital and new investor Cross Creek.
CEO Bill Adler told Drapers that the business will use the money to develop its artificial intelligence data platform, and to fund innovation around its personalised style, fit, and analytics solutions.
This will include developing its existing discovery engine – a function that compares fit data and anonymised transactions to determine what consumers keep and return – which will launch in the market later this year, as well as launching personal outfitting services and a chatbot virtual stylist.
The business is also aiming to expand outside of its existing operations in the UK, US and Europe into new markets in Asia and South America.
Adler said: “It’s [fashion] a $2trn (£1.4trn) market – there’s a lot of growth to unlock. The investment is to innovate further around personal style and fit, and expand our suite of solutions for retailers, as well as increase the ability to provide customer experiences on third-party search engines and other platforms outside of retail.
“The shopping experience for fashion is getting better but there’s a long way to go, in terms of curating personalised experiences for the customers, whether on sites, in stores or in search.
“The UK and Europe are our fastest growing markets. The UK and European consumer is highly sophisticated – fashion and luxury matter a lot, and the shopping experience for them is challenging. There’s a lot of impatience and frustration around this, [as] shoppers are looking for simple [ways of finding products] and being part of a brand. Everyone is moving rapidly to connect with consumers in a personal and profound way to win loyalty, so there are a lot of opportunities out there.”
Brands and retailers that have signed up with True Fit include Ralph Lauren, Clarks and House of Fraser. Adler estimated that the latest funding round has brought the total raised to date to around $90m (£65.2m).
The platform represents around 11,240 brands and retailers, and has more than 55 million registered users.
The company employs 11 staff in London, with 110 employees across its offices in the US, UK and Europe.
True Fit is the headline sponsor for the upcoming 2018 Drapers Digital Festival.