Already powering multiple luxury brands’ e-commerce websites, StyleScan is accelerating the deployment of its new technology with a financial round led by Clearbrook Capital.
LOS ANGELES, June 30, 2022--(BUSINESS WIRE)--StyleScan, the developer of virtual-dressing technology for the fashion industry, announced today that it raised an additional $1 million in funding, bringing its total seed-round capital to $3 million. StyleScan’s leadership said that this financing is propelling the expansion of its e-commerce ‘software as a service’ (SaaS) solutions including the launch of new AI-driven products in the coming months.
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Pictured: StyleScan Founder and CEO Larissa Posner. Photo credit: StyleScan
"With everything going increasingly digital, including fashion, online retailers need to up their game and improve the customer experience," said StyleScan Founder and CEO Larissa Posner. "StyleScan helps them do that: Our newest SaaS plugin—ModelSwitch—empowers online shoppers. It allows them to preview garments on models with a wide range of body shapes, sizes and skin-tones. This makes fashion more relatable for everyone."
Posner added: "StyleScan’s value proposition for the brands employing our tech is straightforward. When shoppers can visualize their purchases on models who resemble them, they’re twice as likely to buy and 30% less likely to return what they bought. Put simply, we help our brand-partners enhance profits by making their online consumers more satisfied."
Though the benefits of StyleScan are easy to understand, its technology is sophisticated. StyleScan’s next-level software performance relies on a cutting-edge mix of machine learning, augmented reality, computer vision and fabric physics simulations. They all operate in sync to solve the complex problems of digitally rendering clothes onto countless body types with accuracy and a high aesthetic standard. With the company’s intellectual property now protected by two non-provisional patents, StyleScan’s software gives its clients multiple competitive advantages.
To solve the complex problems of on-demand virtual dressing, StyleScan’s founder assembled a team of accomplished mathematicians and scientists. StyleScan’s Chief Technology Officer, Hein Hundal, is a PhD-level mathematician and previously was a machine learning and computer vision expert at Penn State’s Applied Research Laboratory. Stylescan’s Chief AI Officer, Rob Reitzen, is a Blackjack Hall of Famer and an AI practitioner who has developed many unique machine learning algorithms.
To help bring the company’s revolutionary technology to fashion e-commerce, StyleScan tapped Galina Sobolev as Chief Marketing Officer. Sobolev is a fashion industry veteran who created contemporary women’s brand SINGLE, which recently launched a top-selling plus-size division.
Investors have taken notice. "Larissa and her highly-skilled team have built a high-quality product that solves two key growing problems within the fashion retail sector: providing competitive customer experiences and reducing the cost and environmental impact of returned items," said Robin Saunders, Managing Partner at Clearbrook Capital, a seed-round investor in StyleScan. "Having reviewed the offering of several ‘fashion try-on’ software competitors, we were very impressed with Stylescan’s. Their product is sleek, simple for online customers to use and seamless for retailers to incorporate into their online shops. This makes us very optimistic about StyleScan’s potential."
StyleScan’s clients include several luxury fashion companies; and several multi-billion-dollar apparel companies have begun piloting StyleScan’s tech. "In Q2 of this year, StyleScan began generating monthly recurring revenue," said Posner. "With our technology already powering a dozen e-commerce brands, with another dozen expected to launch in the next several months, we are aiming for mass adoption. This is just the beginning."
StyleScan offers AI-powered visualization technology that elevates the online shopping experience. With StyleScan, customers can preview garments on models resembling their own unique body shapes, or style full outfits with items across a retailer’s entire inventory. StyleScan was founded in 2018 by CEO Larissa Posner, a former fintech entrepreneur who assembled a group of leading computer scientists, venture investors, and fashion executives to develop sophisticated virtual dressing technology. Based in Los Angeles, StyleScan is funded by an elite group of angel and private equity investors as well as strategic fashion industry partners. @stylescan
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