US-based retail software producer True Fit raised $25m in series B capital yesterday from investors including Intel Capital, the corporate venturing division of semiconductor manufacturer Intel.
Venture capital firms Jump Capital and Signal Peak Ventures also contributed to the round.
True Fit has created a big data platform for footwear and apparel, named Genome, which categorises products based on up to 200 attributes such as style and size, allowing retailers to offer a personalised shopping experience to customers.
The money will be used to develop new features and will help True Fit cope with increased demand for Genome. The company claims it is currently adding 1.5 million new consumers each month to a user base that already stands at more than 20 million.
True Fit previously secured $15m in a February 2015 round that included telecommunications firm Novel Group’s corporate venturing unit, Novel TMT. Signal Peak, Jump and Promus Ventures co-led that round, while Guggenheim Partners and Breakaway Ventures also participated.
Novel TMT, Guggenheim and Breakaway contributed to the series A round as existing investors. True Fit closed a $2.5m seed round in April 2011 and secured another $4.5m three months later, according to securities filings.