Delvify raises new funding to support the development of the world’s first AI-powered platform for the textile industry
90% of information transmitted to the human brain is visual, and the brain can identify images seen for as little as 13 milliseconds, according to research conducted by the Massachusetts Institute of Technology (MIT). With a rapid rise in demand for visual search amongst millennials and Generation Z, early adopter brands that support visual search can expect a 30% increase in digital commerce revenue in 2021, according to research firm Gartner.
Enter Delvify, a Hong Kong-based tech startup that helps global brands turn consideration into conversion with intelligent insight-driven Programmatic AI and increase revenues with visual AI solutions for eCommerce.
Today, Delvify announced it has raised new funding to support the development of the world’s first AI-powered platform for the textile industry. The total amount of funding was not disclosed. In an announcement by BOSS Capital Partners, the venture firm that backed Delvify, the funding will be used to support a new project that will utilize a range of AI capabilities including computer vision and natural language processing to translate the qualitative into the quantitative to disrupt the manufacturing supply chain.
Additionally, the company will be making capital investments into its SMART Search, a visual search, and recommendation technology that enhances customer experiences and improves brand attachment.
Founded in 2019 by Charles Allard, Dan Lee, and Jagesh Maharjan, Delvify is a pioneer in natively built AI tools. Delvify team has over 30 years of management experience with state-of-the-art computer vision, natural language processing, audio speech recognition, ECommerce, and digital advertising.
Commenting on the funding, Greg Shepard, Boss Capital Managing Partner, said: “BOSS Capital Partners will always seek to support entrepreneurs lead businesses that leave the status quo behind and carve out challenging problems to tackle. Delvify has a unique solution for a broad problem. Our syndicate sees this as an opportunity to not only drive value but create a path to the evolution of AI, computer vision, and natural language processing.”