PlatformE, a fashion technology startup that enables on-demand production for leading labels, has announced the acquisition of Catalyst AI, a Cambridge-based artificial intelligence firm. PlatformE's services for efficient on-demand and made-to-order fashion will be bolstered by Catalyst AI's machine learning technologies for optimizing fashion supply chains.
The fashion industry is one of the world's major pollutants due to overproduction and waste. Traditional supply chains demand brands to estimate what consumers will buy and where they will buy several months ahead of time. As a result, massive amounts of undesired items are produced. As a result, more than 134 million tons of textiles are expected to be thrown away annually by 2030.
PlatformE enables brands to break out from the wasteful mass production system. Instead, things are manufactured in response to demand, resulting in shorter supply chain durations from production to delivery. PlatformE has collaborated with renowned brands such as Dior, Gucci, Puma, Farfetch, and The North Face since its inception in 2015.
PlatformE's services include 3D digital product creation for consumer-facing retail experiences, a software platform that streamlines e-fashion across the value chain from product configuration to ordering, production, and logistics, and a global network of digitally savvy factories that can produce fashion products on-demand and in record time. These services work together to help brands transition to a new manufacturing strategy that produces as little waste as possible while minimizing financial losses from excess inventory. The time it takes to go from sample to retail can be cut in half, from months to less than six weeks.
Dr. Ahmed Zaidi, co-founder and CTO of Catalyst AI, said that Machine learning and prediction technologies are critical for boosting supply chain efficiency and shifting to less wasteful manufacturing patterns. The digitization of supply chain processes uses data to minimize uncertainty and improve decision-making at every stage of the supply chain, from raw material acquisition to customer purchases. PlatformE is at the forefront of this wave, so it's the ideal spot for our technology to be used.
Following the integration, the Catalyst AI founders will continue to serve as AI consultants to PlatformE, assisting in the expansion of the company's data science capabilities.
Gonçalo Cruz, PlatformE co-founder and CEO, said that they're happy to boost their capabilities with Catalyst AI's creative intellectual property. They'll gain greatly from the team's knowledge and their network of people in one of the world's leading data science ecosystems.
Catalyst AI co-founder and CEO, Raymond Siems, said that they established Catalyst AI with the purpose of bringing the latest in AI and data science to industry, which has led them across agriculture, transportation, banking, and many other sectors. Nothing could compare to the amount of inefficiencies they observed in fashion supply chains, so they set out to create solutions to address them, which led them to the PlatformE team. Goncalo has a clear vision for the future of fashion, and things are moving quickly. They're pleased to be a part of that journey and help the fashion industry achieve a more sustainable future.
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