AI-powered fashion company FINESSE has recently raised $4.54 million in its pre-seed and seed funding, reported Forbes. It uses a proprietary deep technology to streamline production and predict fashion trends.
The successful round is attributed to the company’s use of deep tech. The firm obtained investments from notable funders such as the former Twitter head of engineering Alex Roetter, Collective Health CEO Ali Diab, and unicorn investor Hoxton Ventures.
The money will be funneled toward the expansion of the company’s services to provide more sustainable production capacity. It will also be used to improve the deep tech’s algorithms which remain exclusive to the company.
With the refinement of the proprietary algorithm, FINESSE will improve its fashion trend prediction with the help of data obtained from its online voting system. This is expected to provide consumers with more refined style choices and offerings.
Founder Ramin Ahmari described FINESSE’s service as “Zara meets Netflix” as it offers fashion on-demand. With Gen Z as the target market, the company produces products they want whenever they want them. They also produce the number of units ordered by customers.
Ahmari is optimistic that the company will be able to provide the level of personalization similar to Netflix. This is expected to increase the amount of data obtained and analyzed from Gen Z customers and beyond.
The company seeks to address the unsustainable practices of many fashion companies due to their disposal of surplus materials and products.
According to Tech Crunch, the issue is exemplified by the Burberry issue which revealed that tons of textile are wasted every year due to the company’s practice of burning unwanted products. Overall, the industry wastes around 13 million tons of textile.
FINESSE seeks to take the company out of the “hermetically sealed” fashion industry and aims to place it on social media, which has launched various products with the help of influences.
Ahmari pointed out that data from social media is accessible to the company. It seeks to predict trends before they even become viral.
Another selling point of the company is it does not use a large design department. Instead, Ahmari said that vice president of product Andrea Knopf and head of product development Brittany Fleck are “artists in their own right.”
The firm also wants to offer more unique items at a more friendly price. Its products are currently priced at $8 to $116.