500 Global invests in AI-driven fashion eCommerce startup for reshaping the industry with environmentally-friendly practice
TAIPEI, TAIWAN, November 18, 2021 /24-7PressRelease/ — The fashion industry has pledged urgent action to halve greenhouse gas emissions at COP26.
Although some famous fashion brands are promising to take action, the wider industry has hesitated as the global apparel and textile industry generates over $1.5 trillion in annual revenue.
The majority of the fashion industry keeps revenue growing by changing designs quickly and mass-producing them at low cost. But the fact is, this practice over-uses environmentally harmful materials.
There is an urgent need to change this practice and find a sustainable way for the fashion industry to meet customers’ expectations without hurting revenue.
One way to avoid this practice is to get better at predicting consumer style preferences. With advanced data analysis, the quick-changing styles that consumers want — and even the attributes that make up the styles — can be predicted. With this data in hand, brands can rapidly design the right product for the right customer at the right time — with less waste.
Taiwan-based Rosetta.ai is a tech startup building Aesthetics AI to recognize key fashion attributes and predict accurate consumer preferences such as color, material, pattern, and more for fashion eCommerce.
By employing the startup’s machine learning on their websites, fashion brands can better predict what consumers want and develop products that consumers will be much more willing to buy. The supply chain can adjust redundant manufacturing processes accordingly and the industry can begin to build up a zero-waste system to achieve the goal of emissions reduction.
Daniel Huang, Rosetta.ai CEO, explains the company’s mission: “SMBs are still the majority of fashion eCommerce merchants. We aim to level the playing field by bringing the most advanced recommendation technology to SMBs who previously would not be able to use it. Once we help them target shoppers more effectively and keep their revenue growth, they can better respond to the expectation of sustainability and the whole industry will move on to action.”
“Rosetta.ai just closed a $2.4M pre-a raise with the goal of getting its AI-driven recommendation technology to the global market. We’re impressed by the company’s growth, and believe it has the potential to play a role in reshaping the fashion industry with environmentally-friendly practices,” said Tony Wang, Managing Partner at 500 Global.
The raise is led by Dr. Pehong Chen, the founder of BroadVision (Nasdaq: BVSN), with participation from 500 Global (formerly 500 Startups), SOSV and others.
Founded in 2016. Rosetta.ai’s mission is to bring the most advanced recommendation technology to fashion eCommerce sites of all sizes. Rosetta.ai’s technology lets merchants understand customers and create unique shopping experiences that grow their businesses. 1000+ eCommerce shops using Rosetta.ai saw a 2x increase in AOV and a 3.3x increase in conversion rate.
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