Bold Metrics Secures $8M in Series A Funding to unlock the power of body data for the apparel industry
The AI Body Modeling Technology develops industry-leading solution-based innovations that reduce apparel returns and boost conversion.
Bold Metrics Inc., the AI-first SaaS solution helping companies unlock the power of body data, announced that it raised $8 million in Series A financing, led by Bessemer Venture Partners with participation from Lytical Ventures, ValueStream Ventures, and Nanban Ventures.
Bold Metrics provides apparel brands and retailers with the most accurate AI Body Modeling technology to unlock the power of body data—reducing returns, boosting conversions, and quantifiably improving sustainability efforts while making shopping for clothing easy, convenient, and personal for consumers. Its AI solutions connect customers to clothes that fit according to their body measurements, shape, and personal preference data in seconds, driving down return rates at a time when the apparel industry is grappling with a serious returns problem.
Consumer preference-based returns drive approximately 72% of all returns in the apparel product categories, with poor fit accounting for more than 50% of those returns. The company powers sizing intelligence solutions for ready-to-wear, on-demand and custom clothing apparel both in-store and online so that consumers can efficiently connect their body data to products.
Buoyed by the new investment, Bold Metrics, which already has a global presence and turned a profit, will accelerate its expansion into new growth markets while also scaling research and development to deepen the company’s core capabilities.
“Inspired by my family’s craft in tailoring and my background in data science, we sought to develop a method to capture body measurements accurately without compromising adoption rates. With Bold Metrics’ proprietary AI Body Modeling technology, we’ve achieved a scalable sizing solution that is easy for our clients and their customers to adopt and use, while simultaneously unlocking data-led insights to provide new tracks of retail intelligence throughout the organization.”Daina Burnes, CEO of Bold Metrics.
The lack of consistency and accuracy in addressing the sizing needs of apparel consumers has been a persistent challenge for both brands and their customers. Despite being able to collect and measure numerous customer attributes, apparel brands ascertain sizing specifications in the near complete absence of customer body shape and measurement data, as that data has historically been impossible to collect in a scalable or meaningful way. This fuels a disconnect between what the technical design team is producing and what customers want regarding product fit, cumulatively adding to the return rate and conversion challenges.
“To state the obvious, when you’re selling clothes online, the way they fit really matters to the customer and the business. Bold Metrics hides sophisticated AI models in an elegant user-friendly wrapper that helps customers choose clothes that fit every time. We’re excited to help this team modernize the way this massive industry does business.”Kent Bennett, Partner at Bessemer Venture Partners.
Unlocking access to consumer body data in the apparel industry is crucial, and Bold Metrics has been leading the way in its accuracy of results and innovation. The timeliness of the funding will enable Bold Metrics to further scale growth, attract talent and boost its R&D efforts to address the evolving needs of apparel brands and their global customers.
Industry brands Bold Metrics is currently working with include Canada Goose, Tailored Brands (Men’s Wearhouse, Jos A Bank), SuitShop, Blue Delta Denim, UpWest and SIMMS, amongst others. In addition to its core capabilities, Bold Metrics unveiled the world’s-first Body Data NFT™ technology at this year’s NRF2022, allowing 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 readying apparel brands for Web3.
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