Odd Concepts Raises USD10M Accumulated Investments; Emerges as a Leading AI-based Fashion Company in APAC
Summary
The latest funding increased the company’s accumulated investments to about USD10M (KRW 10 billion), an amount enough for Korea’s leading AI-powered fashion company to expand its growth into Asia-Pacific markets. Odd Concepts announced on March 30 that it raised USD6M (KRW 6 billion) in Series B funding for its outstanding PXL service and business. It commercialized PXL, its fashion styling service using its own machine learning technologies to recognize, analyze and search images. The service is used by about 100 e-commerce companies in Korea and other APAC countries including Singapore, Japan, Indonesia, and Thailand. “We decided to invest in Odd Concepts because company’s own technology clearly verifies the class of excellence in the popular field of fashion commerce,” Jeong Seong-hoon, an assistant manager of KB Securities, said, “I expect Odd Concept’s proprietary machine learning technologies would be applied to other industries extensively.” Earlier this year, Odd Concepts was ready to advance into the APAC markets by taking over SEACRUX, a Singaporean startup expanding its APAC businesses on contextual targeting Ad system, which was leveraging applied machine learning.
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