Odd Concepts Inc., a Seoul-based fashion tech company that specializes in computer vision and artificial intelligence technology announced raising $10 million accumulated investments. The company said on March 30 that it has raised USD6M (KRW 6 billion) in Series B funding for its outstanding PXL service and business.
The latest funding saw participation from HB Investment; Kiwoom Investment-Shinhan Capital; Korea Development Bank; and SBI Investment Korea. Existing investor KB Securities also participated in the funding round.
The latest funding increased the company’s accumulated investments to about USD10M (KRW 10 billion), an amount enough for Korea’s leading AI-powered fashion company to expand its growth into Asia-Pacific markets.
Odd Concepts commercialized PXL, its fashion styling service using its own machine learning technologies to recognize, analyze and search images. The service is provided to e-commerce fashion businesses. The service is used by about 100 e-commerce companies in Korea and other APAC countries including Singapore, Japan, Indonesia, and Thailand. The number of monthly unique users of the PXL service tops 9 million.
“We decided to invest in Odd Concepts because company’s own technology clearly verifies the class of excellence in the popular field of fashion commerce,” Jeong Seong-hoon, an assistant manager of KB Securities, said, “I expect Odd Concept’s proprietary machine learning technologies would be applied to other industries extensively.”
Earlier this year, Odd Concepts was ready to advance into the APAC markets by taking over SEACRUX, a Singaporean startup expanding its APAC businesses on contextual targeting Ad system, which was leveraging applied machine learning.
“The markets have verified the needs and excellence of our service,” Odd Concepts CEO Kim Jeong-tae said, “Now is the time to increase our business in the APAC markets.”
Odd Concepts was established in 2012 with the main focus on AI vision technologies. It holds more than 60 patents at home and abroad, including registered ones and filings.
HrNxt.com Newsdesk has researchers and writers with an excellent domain knowledge about the talent ecosystem, and the business environment. The team keeps a tab on the latest happenings in the ecosystem to bring most relevant news and insights for our readers. You can connect with our newsdesk at newsdesk@hrnxt.com.