- Huw Hughes |
AI-powered visual merchandising and outfit recommendation platform Stylitics has closed a 15 million dollar Series B round of funding, bringing its overall funding to 21 million dollars.
Money from the round, which was led by growth equity firm PeakSpan Capital with participation from Trestle LP, will help the company “grow its sales and marketing function while fueling the development of new types of shoppable, content-driven e-commerce and in-store experiences for brands, retailers, and publishers.”
Founder and CEO of Stylitics Rohan Deuskar said in a statement: "More and more people are purchasing products they have never touched or experienced in the real world and retailers are challenged to create digital shopping experiences that provide excitement, context, and inspiration.
“This round of funding validates the increased demand brands have for more intelligent and high-performance visual content. At a time when the retailer with the best visuals wins, we are offering a new category of content that is on-brand, dynamic, personalized, and outperforms the others with the value it creates.”
The New York-based company says customers using its outfitting and look-based programmes see an average increase of 1.8x in conversion rates, a 23 percent increase in units per transaction, and a 21 percent increase in average order value. Brands using Stylitics' programmes reportedly gained more than 300 million dollars in increased revenue.
Over the past year, Stylitics has seen a 350 percent increase in revenue and the addition of more than 30 of the top 1000 retailers to its roster of brands including Ann Taylor, Calvin Klein, Chico’s, Gap, Macy’s, Under Armour, and White House Black Market.
Photo courtesy of Stylitics