US-based clothing personalisation technology provider True Fit closed a $55m series C round yesterday featuring semiconductor producer Intel’s corporate venturing unit, Intel Capital.
Growth equity firm Georgian Partners led the round, which included venture capital firms Jump Capital, Signal Peak Ventures and Cross Creek Capital. It took the company’s overall funding to $102m, according to press releases and regulatory filings.
True Fit has built a software platform that can personalise the fit of clothing and footwear using manufacturing data from its apparel brand clients, consumer order data taken from shoe retailers and the personal preference information supplied by its own users.
The company has now registered 55 million users for the platform, which it plans to strengthen with the series C capital, further developing its visualisation technology and adding personal outfitting and artificial intelligence-equipped virtual stylists.
William R. Adler, True Fit’s chief executive, said: “The retail industry is experiencing an exciting and profound shift toward great, personal experiences, and rich, data-driven personalisation is at the core driving the growth.
“We are grateful to steward this special data collective on behalf of thousands of brands and the world’s leading retailers, while supporting them with the innovative tools required to successfully compete.”
Intel Capital has been an investor in the company since its $25m series B round in mid-2016, which included Jump Capital and Signal Peak Ventures.
Novel TMT Ventures, part of telecommunications group Novel, had joined fellow existing investors Guggenheim Partners and Breakaway Ventures to take part in True Fit’s $15m series A round in 2015, which was co-led by Jump Capital, Signal Peak and Promus Ventures.