Pixyle AI raises €1M as it boosts fashion retailer sales by improving product discovery using AI
Summary
Pixyle AI secures seed funding round to help fashion ecommerce deliver better search experiences by generating detailed and accurate product attributes, enabling consumers to get to their desired items faster.The poor product discovery experience of consumers is costing online sellers and ecommerce companies billions in lost sales as they fail to live up to user expectations. We are laser focused on this using neural networks that train Pixyles AI algorithms to see and interpret images exactly how humans would.For example, in ecommerce when site visitors are looking for a specific product to buy and type short summer dress with flower print in purple and pink in order for these kinds of dresses to be shown to the customers, in the catalogue they need to be tagged with length short, occasion summer, with floral pattern, and purple and pink colours. Google has estimated (in the US alone) the cost of such bad search experiences is $300B in lost revenue each year.Svetlana Kordumova added: Retail footfall has increased post pandemic but online shopping for clothes will continue to grow. Operating out of four offices - Ljubljana, Zagreb,Belgrade and Skopje - the team has invested in over 40 early-stage tech companies and has been an integral part of the regional startup community. With a strong base of international LPs and network of reputable co-investors, South Central Ventures is the go-to-investor for regional tech companies with global ambitions.