FindMine, the artificial intelligence (AI) fashion tech company, which is a part of LVMH’s La Maison de Startups, has recently announced the successful conclusion of a Series A funding round, raising a total of $8.9 million. This report was disclosed by WWD. The latest funding was led by venture capitalist firm Grayhawk Ventures, bringing the total amount raised by FindMine to an impressive $17.6 million. Notable contributors in this round include Grayhawk Capital, Frazier Capital, PJC, as well as angel investors Sarah Wallis and Vikas Gupta. It is noteworthy that previous investments have been made by Adidas Ventures, XRC Labs, RevTech Equity for Women Fund, and Amplifyher Ventures.
Unlike many recent start-ups, FindMine does not wish to be categorized solely as an AI company, having been in operation since 2014 and working with clients since 2016. Michelle Bacharach, the CEO and co-founder, emphasizes that the company has been dedicated to developing its own AI models and technology from the early stages.
Despite the challenges presented by the scale of the operation, Adidas became one of FindMine’s prominent clients in its formative years. The company faced difficulties due to the heavy load on their servers every time Adidas’ website accessed their API. Nevertheless, Bacharach expressed optimism about the widespread adoption of AI in fashion, drawing parallels to the initial skepticism and eventual acceptance of online banking. While there is a growing trend towards AI-driven styling features, not all companies are currently utilizing data science as a tool for styling.
Bacharach elaborated on the distinguishing features of FindMine’s technology from its competitors, citing the use of a combination of AI models, machine learning, and vector databases along with generative AI models. This unique blend enables FindMine to handle unstructured data, a common challenge for retailers.
Investors like Sarah Wallis and Vikas Gupta have been particularly drawn to FindMine’s capability to extract meaningful information from disorderly data, contributing to improved sales, inventory management, and customer engagement.
The advanced technology provided by FindMine not only enhances the customer experience but also directly impacts sales and revenue for its clients, contributing to millions of dollars in retailer and brand revenue annually. This has resulted in downstream revenue reaching almost $1 billion, all attributed to the content powered by FindMine.
Numerous fashion and lifestyle brands have witnessed the impact of FindMine, leading to increased user engagement, repeat purchases, and the clearing out of overstocked inventory. Industry leaders like Lululemon attribute enhanced customer engagement and successful outfitting experiences to their collaboration with FindMine.
With a diverse client portfolio spanning across different countries and including prominent names in the fashion industry, FindMine is well-positioned to further revolutionize the retail and fashion landscape with its innovative AI technology.