AI fashion-tech firm Odd Concepts receives $6 million
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South Korean AI-based fashion-tech firm Odd Concepts has raised US$6 million in Series B funding, taking the company’s accumulated investments to about US$10 million.
The funding is expected to allow the business to expand its growth into Asia-Pacific markets, applying its proprietary machine learning technologies to other industries.
Fashion-tech firm Odd Concept’s fashion-styling service PXL is based on the firm’s own algorithms for recognizing, analyzing and searching images and recommends personalized fashion products based on an analysis of products that interest consumers. Around 100 e-commerce firms in Korea and other countries in the region use the service, with about 9 million unique users.
Participants in the funding round included KB Securities, HB Investment, Kiwoom Investment-Shinhan Capital, Korea Development Bank and SBI Investment Korea.
“We decided to invest in Odd Concepts because the company’s own technology clearly verifies the class of excellence in the popular field of fashion commerce,” said KB Securities assistant manager Jeong Seong-hoon.
“I expect Odd Concept’s proprietary machine-learning technologies would be applied to other industries extensively.”
Questions & Answers
Q.What is the total investment Odd Concepts has received to date?
What is the total investment Odd Concepts has received to date?
Odd Concepts has now secured approximately US$10 million in accumulated investments. This includes the recent US$6 million Series B funding round. The company is based in South Korea and operates in the fashion-tech sector.
Q.Which industries does Odd Concepts plan to expand into with its technology?
Which industries does Odd Concepts plan to expand into with its technology?
Odd Concepts intends to apply its proprietary machine learning technologies to other industries. The funding is expected to support this expansion, particularly within Asia-Pacific markets, beyond its current fashion focus.
Q.How many users currently engage with Odd Concepts' PXL styling service?
How many users currently engage with Odd Concepts' PXL styling service?
The PXL fashion-styling service has approximately 9 million unique users. Around 100 e-commerce firms in Korea and other regional countries currently utilise this service, powered by Odd Concepts' algorithms.
Q.Which firms participated in the latest funding round for Odd Concepts?
Which firms participated in the latest funding round for Odd Concepts?
Participants in the Series B funding round included KB Securities, HB Investment, Kiwoom Investment-Shinhan Capital, Korea Development Bank, and SBI Investment Korea. This investment totalled US$6 million for the company.
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