AI fashion-tech firm Odd Concepts raises $6 million
South Korean AI-based fashion-tech firm Odd Concepts has raised US$6 million in Series B funding, taking the company’s accumulated investments to about US$10 million.
The funding is expected to allow the business to expand its growth into Asia-Pacific markets, applying its proprietary machine learning technologies to other industries.
Fashion-tech firm Odd Concept’s fashion-styling service PXL is based on the firm’s own algorithms for recognising, analysing and searching images and recommends personalised fashion products based on an analysis of products that interest consumers. Around 100 e-commerce firms in Korea and other countries in the region use the service, with about 9 million unique users.
Participants in the funding round included KB Securities, HB Investment, Kiwoom Investment-Shinhan Capital, Korea Development Bank and SBI Investment Korea.
“We decided to invest in Odd Concepts because the company’s own technology clearly verifies the class of excellence in the popular field of fashion commerce,” said KB Securities assistant manager Jeong Seong-hoon.
“I expect Odd Concept’s proprietary machine-learning technologies would be applied to other industries extensively.”