AI start-up Vue.ai raised $17 million from Falcon Edge, others1 min read . Updated: 25 Apr 2019, 09:39 AM IST
- Vue.ai uses computer vision and AI to offer intelligent retail automation to fashion brands, keeping the human experience in focus
- The current funding will be used to grow the team, deliver on the product roadmap and scale the company’s existing customer base
Vue.ai, an artificial intelligence (AI) based start-up aimed at automating fashion retail, has raised $17 million in a Series B funding round led by Falcon Edge Capital, according to a company statement on Thursday.
Other investors including Sequoia Capital India and from Tokyo-based venture capital (VC) investor Global Brain also participated in the round. The new round brings the company’s total capital raised to $27.5 million.
The current funding will be used to grow the team, deliver on the product roadmap and scale the company’s existing customer base.
Vue.ai uses computer vision and AI to offer intelligent retail automation to fashion brands, keeping the human experience in focus.
The company claims to have built a ‘neural network’ for retailers by leveraging image recognition and data science to extract retail catalog data, and then later analyze it with user behavior. This according to the company help retailers make better decisions in terms of demand mapping and wholesale procurement.
The Vue.ai platform has seven different AI products focused on automating retail processes such as catalog management and merchandising as well as personalizing the customer experience across channels for global brands. It already includes leading retailers from across the globe like Macy’s, Mercadolibre and Tata.
Headquartered in Redwood City, CA with offices in Chennai, Vue.ai was launched by Ashwini Asokan and Anand Chandrasekaran in 2016 as one of first AI-based product from its parent company Mad Street Den.
“Using a centralized data brain, the platform digitally maps a retail product’s DNA, then translates product information into language that teams can easily understand. With better accuracy and insights, retailers can easily decode the qualities of their merchandise, make intelligent updates on the fly, and deliver unique experiences along every step of the customer journey," said the company’s chief technology officer Chandrasekaran in a statement.
"The Vue.ai team is on a mission to put AI and intelligent automation in the hands of teams across the globe in ways that improve productivity and growth multi-fold. We've seen incredible growth in how they've brought this value across multiple functions in the retail industry in just two years since we started this journey with them," added Anandamoy Roychowdhary, director of Sequoia Capital India.