Stylitics raises $15 million in funding to develop AI styling service offering
AI-powered visual merchandising and styling platform Stylitics announced on Monday that it has secured $15 million in Series B funding, money which will be put towards growing the company’s sales and marketing function, as well as developing new shoppable experiences for both e-commerce and brick-and-mortar retail.
The funding round, which brings the New York-based company’s total funding up to $21 million, was led by growth equity firm PeakSpan Capital, with participation from Trestle LP.
“This round of funding validates the increased demand brands have for more intelligent and high-performance visual content,” said Stylitics founder and CEO Rohan Deuskar in a release. “At a time when the retailer with the best visuals wins, we are offering a new category of content that is on-brand, dynamic, personalized, and outperforms the others with the value it creates.”
With the support of both AI and human stylists, Stylitics uses a brand’s existing creative assets to generate outfit-based shopping content for retailers at scale, seeking to boost consumer engagement and increase conversion rates.
The Stylitics Experience Studio provides the company’s retail clients with over a dozen widgets and APIs that can be implemented across different retail channels, including visual outfit recommendations, gift galleries and a “complete the look” feature.
According to the platform, its programs result in an average increase of 1.8x in its customers’ conversion rates, as well as a 23% rise in units per transaction and a 21% increase in average order value. Stylitics further claims that brands using its services have reported more than $300 million in increased revenue.
“With the rapid growth of digital commerce, retailers are scrambling to keep pace with the consumer demand for more visually exciting and compelling shopping experiences," explained PeakSpan co-founder Phil Dur. "We support best-in-class software businesses that capture a unique market opportunity and we see Stylitics solving a very real need for brands to extract more value out of their creative assets and scale their content in a fast and affordable way.”
The new funding round comes after a strong year for Stylitics, during which the company reported a 350% increase in revenue and added a string of new big-name brands to its client list, including Ann Taylor, Calvin Klein, Gap, Macy’s and Under Armour.
Copyright © 2021 FashionNetwork.com All rights reserved.