Singapore-based fashion-tech startup Pixibo announced in February 2021 that it has bagged US$ 1.4M in a Series A extension round from early-stage VC firm Atlas Ventures.
The startup will use the proceeds of the funding round to develop its solution and increase the headcount of its sales and engineering teams. Pixibo also plans to expand its retail store amenities by the end of 2021 to South Korea, Indonesia, Australia, and the Philippines.
Rohit Kumar and Karthik Srinivasan founded Pixibo in 2016. The startup’s goal is to help online fashion retailers decrease their product returns by increasing their conversion rates and average order values using machine learning and data-driven solutions.
One major problem that online shoppers face is receiving clothes that don’t actually fit them. What makes the process of finding the right fit even tougher is that diverse brands generally have different sizes for their products. For example, someone who usually wears a size EU 32 from Nike can be a size EU 28 when wearing the same type of clothing from Zara. To address this problem, Pixibo has built “Find Your Fit”, an AI-driven size recommendation solution that gives shoppers customized real-time size advice for every apparel. The Pixibo algorithm asks the shopper to fill in their height, weight, and age. After the input, the algorithm suggests the right fit for the user. The startup’s solution is being used by fashion sites such as Zalora, FashionValet, MAP and Shinsegae, among others. The startup also stated that more than 30 online fashion brands have registered for its ‘Try Before You Buy’ service since its unveiling and that it is on the right track to add 50 retailers by March 2021 and 100 more by June this year. Apart from its online service, Pixibo also has a physical store named The Pixibo Fit Centre situated at the Somerset Mall, Singapore, which rents out spaces to online fashion brands so that they can showcase and sell their products. It also intends to launch automated cubicles, joined with fitting rooms so that customers can immediately try on the clothes they bought from online stores and not pay for the clothing if it doesn’t fit.
Previously, Pixibo had raised US$ 1.1M from Prasetia Dwidharma and EverHaus in a Series A funding round held in January 2019. Prior to the Series A round, it had secured an undisclosed seven-figure sum from Start Today Ventures.
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