In a startup investment landscape that is severely impacted by the COVID-19 crisis, South Korea-based Artificial Intelligence fashion technology company, Odd Concepts Inc., has reportedly found immense success in bringing in continuous investment.
The capital raised recently has increased the company’s overall accumulated investment to approximately $10 million, enough for Odd Concepts, which is being hailed as a leading South Korea based AI-powered fashion tech firm, to foray into markets across the Asia Pacific.
On March 30, the company announced that it has raised approximately $6 million through a Series B investment round for the PXL business and service. Companies that participated in the investment round included Kiwoom Investment-Shinhan Capital; HB Investment; SBI Investment Korea; Korea Development Bank; and KB Securities, who is an affiliate of the company’s existing investor.
A select number of South Korea based startups have the accolade of drawing accumulated investments around the $10 million mark. With its latest investment, Odd Concepts becomes the one and only AI-powered startup to make this achievement in commerce, making it worthy to be recognized as an industry leader.
The company commercialized its proprietary fashion styling service, PXL, through its own in-house machine learning technologies to search, recognize, and analyze images. The service is offered to ecommerce-based fashion businesses.
The PXL service recommends personalized fashion accessories and products by analyzing the products that attract the interest of customers. The service is currently used by approximately 100 ecommerce firms across South Korea and other nations across the APAC, including Japan, Singapore, Thailand, and Indonesia. The PXL service boasts of a monthly unique user number that tops nine million.
Odd Concepts CEO, Kim Jeong-tae, stated that the markets have themselves verified the excellence and needs the company’s service delivers. Jeong-tae further added that this is an ideal time for the company to expand its business across the APAC.