AI solution provider Bold Metrics secures eight million dollars in Series A funding

Bold Metrics has announced that it has secured eight million dollars in Series A financing in a round led by Bessemer Venture Partners, bringing the company’s total funding to 12.3 million dollars. The company, which launched in January 2017, develops artificial intelligence (AI) Body Modelling technology, providing brands with data-led product design and customers with accurate measurements and personal preference data.

In a release, Bold Metrics, which already works with the likes of Canada Goose, SuitShop and Tailored Brands, said it will be using the funding to further accelerate its expansion into new growth markets, while also scaling research and development efforts. It added that it looks to attract talent through the funding to boost its expansion and capabilities goals.

Solving clothing return rates

Its sizing intelligence solutions are particularly structured to aid in the reduction of returns, which the company said are currently being driven mostly by consumer preference-based reasons, such as poor fit. Its technology provides information for ready-to-wear, on-demand and custom apparel both in-store and online, enabling buyers to use their body data to inform on products in these categories.

"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.” said Daina Burnes, CEO of Bold Metrics.

Burned continued: “With Bold Metrics’ proprietary AI Body Modelling 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 organisation.”

Next to its sizing solutions, the company also revealed its new Body Data Non-Fungible Token (NFT) technology during this year’s National Retail Federation 2022. The feature works with Web3 technology to aid shoppers in the purchase of clothing online, in-store or in the metaverse, as well as helping brands prepare for the online world.