Browzwear, a provider of digital solutions for the fashion industry, has secured US$35 million in investment from Radian Capital, which will be used to further develop its 3D design technology in production and manufacturing to reduce waste.
The company's software is already being used to digitize manual processes in design production, resulting in less waste, more sustainability, and faster time to market. Extending Browzwear's 3D capabilities to include virtual try-on will aid in lowering the return rate, which is causing retail losses.
The goal is to provide consumer-facing e-commerce applications that prevent unwanted apparel from ending up in landfills.
Sharon Lim, Browzwear co-founder, and CEO, said that by facilitating processes from product development and manufacturing to final retail sale, Browzwear will drive more value for its customers and bring greater efficiency, sustainability, and profitability to stakeholders throughout the fashion industry. They’re well-positioned to make their vision a reality and bring the future to life today with Radian as their partner.
Browzwear thinks that 3D will be utilized for online sales in the future, reducing overproduction and the environmental effect of the fashion sector.
Browzwear co-founder and CEO, Avihay Feld, said that the fashion industry has made significant progress in terms of digital transformation, but there is still so much more that can be done. They have an ambitious vision for a future in which systems and tools throughout the ecosystem are connected. The industry requires this convergence of solutions for the whole value chain to enable digital experiences like true-to-life virtual try-ons a reality.
Radian's extra funding will enable the company to meet its objective of more than doubling its size in the next two years. Browzwear is implementing an aggressive recruitment plan to support this rapid expansion, with the goal of tripling its worldwide workforce in the next three years. The business intends to hire additional employees in areas such as R&D and product development, as well as boosting its customer-facing teams to improve service while scaling.
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