San Francisco-based, Bold Metrics Inc., an AI-first SaaS company that helps businesses harness the potential of body data, has raised $8 million in Series A funding. The fresh fundraising round, led by Bessemer Venture Partners with Lytical Ventures, ValueStream Ventures, and Nanban Ventures joining in, bringing the company's total capital to $12.3 million.
The money will be used to accelerate the firm's expansion into new growth areas while also increasing research and development to strengthen its core skills. The company currently has a worldwide footprint and is profitable. Canada Goose, Tailored Businesses (Men's Wearhouse, Jos A Bank), SuitShop, Blue Delta Denim, and UpWest are just a few of the brands who employ Bold Metrics.
Bold Metrics delivers the most accurate AI Body Modeling solution for garment businesses and retailers to harness the value of body data and enable data-driven product design. As a result, returns are reduced, conversion is increased, and sustainability efforts are quantifiably improved, all while making apparel buying quick, convenient, and personal for consumers. Its AI solutions match clients with garments that fit them perfectly based on their body dimensions, shape, and personal preference data in seconds, lowering return rates at a time when the apparel sector is dealing with a major returns problem.
In the clothing product categories, consumer preference-based returns account for over 72 percent of all returns, with poor fit accounting for more than half of those returns. Furthermore, the enormous environmental cost of returns adds an estimated 15 million metric tonnes of CO2 to the atmosphere each year, while producing 5 billion pounds of landfill garbage in the United States alone during the same time period.
Bold Metrics offers in-store and online size intelligence solutions for ready-to-wear, on-demand, and bespoke garments, allowing customers to match their body data to goods quickly. The firm continues to lead the industry with a 45 million body model arsenal, adding more than 2 million new body models per quarter.
Kent Bennett, Partner at Bessemer Venture Partners, said that to say the obviou, when you're selling garments online, the way they fit actually important to the customer and the business. Bold Metrics wraps complex AI algorithms in a beautiful, user-friendly wrapper to help shoppers choose clothing that fit perfectly every time. They're looking forward to assisting this team in modernizing the way this large industry operates. For both manufacturers and their customers, the lack of consistency and precision in meeting the size demands of garment consumers has been an ongoing concern.
Despite having the ability to gather and measure a variety of consumer metrics, garment businesses determine sizing requirements in the near absence of customer body shape and measurement data, which has previously been difficult to obtain in a scalable or relevant manner. When it comes to product fit, this fosters a gap between what the technical design team produces and what customers desire, which adds to the return rate and conversion difficulty.
Daina Burnes, CEO of Bold Metrics, said that they wanted to design a system to precisely collect body dimensions without sacrificing adoption rates, inspired by my family's tailoring trade and my experience in data analytics. They've produced a scalable sizing solution that is easy for their clients and their customers to adopt and use, while simultaneously releasing data-driven insights to deliver new tracks of retail information throughout the enterprise.
In the garment sector, gaining access to consumer body data is critical, and Bold Metrics has been leading the way in terms of accuracy and creativity. Bold Metrics will be able to scale its business, attract talent, and increase its R&D efforts to meet the increasing demands of garment manufacturers and their worldwide customers thanks to the funding's promptness.
At this year's NRF2022, Bold Metrics debuted the world's first Body Data NFTTM technology, which allows it to work with Web3 native Ethereum wallets like Coinbase and Metamask to provide a streamlined experience for shoppers buying clothes online, in-store, or in the Metaverse, while also preparing apparel brands for Web3. Visit boldmetrics.com for more information.
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