FlixStock, a programmatic fashion imaging startup, announced that it has raised USD 2.5 million in a funding round led by Wavemaker Partners, with participation from Seeds Capital and Leo Capital.
The company plans to use the new funds to open its new generative AI research center in Singapore and expand in the US.
Founded in 2012, FlixStock aims to solve the challenges around the creation and usage of fashion images for e-commerce sites. By using deep-learning algorithms, the company creates website-ready model images at scale without the need for elaborate photo shoots, according to a statement. It can increase the number of on-model images generated every day at 80% cost reduction, said Paul Santos, managing partner at Wavemaker Partners.
“Images are key to successful e-commerce, but the production of fashion images has never seen any innovation,” said Harindar Keer, founder and CEO of FlixStock. “We offer a suite of solutions to help retailers create images in large scale at a fraction of the existing costs.”
The Singapore-based startup introduced solutions for online retailers in 2018 after three years of doing research and development in stealth mode. It currently has offices in seven countries and serves more than 60 major retailers globally, the company said.
According to Statista, fashion takes up the largest part in the business-to-consumer e-commerce market, valuing at nearly USD 519 billion in 2018. It’s expected to grow at 12.2% per year to reach a total market size of USD 922 billion by the end of 2023.
This article first appeared in Tech in Asia.