26 Jan '22
26 Jan '22
27 Jan '22
“Rusnano Sistema Venture Capital Fund, created jointly by AFK Sistema and Rusnano, and the Internet Initiatives Development Fund are investing 110 million rubles in the Russian startup Texel. The company is developing computer vision technology in the fashion retail industry, which allows a buyer to try on clothes online and a seller to reduce costs associated with returning clothes. The technology solves the problem of differences in size grids among clothing manufacturers, as well as errors when taking measurements with a centimeter tape,” the message says.Representative of the Rusnano Sistema Foundation Sergey Protas noted that the coronavirus pandemic and related with it, restrictions will have a strong impact on online retail.
“Changes in consumer behavior and widespread adoption of digital technologies will lead to a significant transformation in the fashion segment of this market. A new round of funding, in which Rusnano Sistema is a member, will allow Texel to scale up sales of its virtual fitting room software and thereby attract investment from global players. According to our estimates, the size of this market will exceed $ 7.5 billion by 2025,” the press service of Protas said.Texel co-founder Sergey Klimentiev drew attention to the fact that the online clothing market has become the first to introduce digital twins of buyers.
“Next in line are health, fitness, VR, computer games and the film industry. We believe that it is a matter of time before every customer has a digital avatar. We hope that thanks to Texel technologies they will receive the same widespread use as Facebook, Instagram, Snapchat and Tiktok,” Klimentyev noted.In turn, IIDF portfolio manager Ilya Korolyov listed the arguments in the benefits of investing in a Russian startup.
“Texel has come a long way from large stationary scanners to a mobile application that works on modern smartphones. The team managed to form a unique data set of human sizes, which made it possible to obtain a parametric model that was ahead of the products of most competitors in terms of measurement accuracy. <...> All of this has become a compelling argument for us in investing,” Korolev pointed out.Texel is implementing a project to create virtual fitting rooms in close cooperation with the information technology cluster of the Skolkovo Foundation. In 2018, the project received funding from the fund in the amount of RUB 30 million to create a software and hardware solution. The project has successfully implemented the development and presented the results to the Skolkovo Grant Committee in August 2020.
“Texel has created a promising solution that has been highly appreciated by customers in Russia and abroad. The team is distinguished by professional expertise, promising product, deep understanding of customer needs and has great growth potential. Attraction of the current round of financing will allow Texel to scale sales of its solution on the international market, ”said Sergey Khodakov, Operations Director of the Skolkovo IT Cluster.Virtual fitting room is a new technological trend associated with the growth of online retail. According to experts, in 2019, the volume of e-commerce sales worldwide amounted to $ 3.53 trillion, and revenue by 2022 will grow to $ 6.54 trillion.