Having raised its Series A funding round five months ago, Singapore-based fashion personalisation platform Pixibo has raised an undisclosed amount in a follow-on funding round from a few investors including Indonesia’s Prasetia Dwidharma and EverHaüs.
The round was also participated by angel investors, including Jonathan Price, a former retail executive and Senior Advisor to TPG Capital, Pixibo said in a release.
Pixibo is driven by an AI technology it calls Pi, which helps customers find and predict the most suited and most-liked items of clothing. Powered by Pi, Pixibo launched its first product in 2017, a size prediction solution called Size & Fit, which helps consumers find which size garments are the best fit for them, regardless of brand or manufacturer.
According to CEO Rohit Kumar, the technology developed by Pixibo addresses the online fashion industry’s oldest problems: high return rate, which is largely brought about by incorrect size.
“Retailers actually have tons of data for every garment they sell. But regular shoppers don’t necessarily care and can’t process details about the hip or waist circumference of a dress, the fabric composition and the expected stretch factor etc. They like a dress and they just want to know should I buy a small or a medium? So really, size is just detail that stands in the way of getting that purchase,” he said.
Pixibo helps online retailers remove that friction and helped its clients reduced their return rate by 15%-25%, Kumar added. Among Pixibo’s customers are some of the major fashion retailers across Europe and Asia including Josh V in Western Europe, Pomelo Fashion in Thailand and MAPemall in Indonesia.
In addition to the Size & Fit solution, Pixibo has also recently introduced a second service called Product Discovery, a recommendation solution which curates online inventories to show shoppers only the items they are likely to be interested in.
The company says it will use the fresh capital from the follow on funding to help it remain at the cutting edge of innovation in the retail personalisation space and expand its offerings. This includes expanding its service into the footwear category.
Kumar said the company is in the final stages of launching a footwear recommendation platform, which will give Pixibo comprehensive category coverage in fashion e-commerce across apparel, intimates and footwear.
“Our approach with footwear is a bit different from apparel. We have partnered with couple of hardware providers and these are the folks that specialise in taking digital footprints and 3D scans and give really detailed information about your feet – like length, width, arch type, gait analysis etc. So what we have is a really unique AI driven footwear recommendation engine that combines a shopper’s preferences with their foot profile to identify the right shoe in the right size for every shopper,” he said.
Pixibo raised an undisclosed amount of its Series A in August last year, led by Start Today Ventures, the VC arm of Japanese ecommerce firm Start Today, which runs online fashion mall Zozotown and counts Southeast Asian fashion-related startups Pomelo and FashionValet as portfolio companies.
In Everhaus and Prasetia Dwidharma, Pixibo has received backing from new funds spearheaded by experienced investors. Everhaus is seeking to raise a debut fund of $20 million, while Prasetia Dwidharma is looking to raise $30 million for its first fund.