[Funding alert] Singapore startup FlixStock raises $2.5M from Wavemaker Partners, others
Singapore-based deep tech startup FlixStock announced on Wednesday it has raised $2.5 million in a round led by Wavemaker Partners and Seeds Capital. Leo Capital also participated in the round.
The startup, which focuses on fashion image technology, will use the freshly raised funding to open new generative Artificial Intelligence (AI) research centres in Singapore and to expand in the USA.
Rahul Garg, Founder and Managing Partner at Leo Capital, said:
“FlixStock has created an incredible suite of products for fashion retailers globally. We were one of the earliest investors at FlixStock and participated in this round because of their achievements, enabled by a strong culture of technology innovation”.
Founded by IIT Kanpur alumni Harindar Keer, FlixStock solves the challenges around the creation and usage of fashion images in online retail. Using deep learning algorithms, FlixStock claims it can create website-ready model images at scale, without the need for elaborate photo-shoots.
The category-defining startup introduced programmatic visual content creation in 2015. After three years of research and development, FlixStock came out of stealth mode and introduced a suite of solutions for online retailers in 2018, and has since been providing end-to-end imagery solutions for major ecommerce brands.
In the last two years, FlixStock has expanded its global presence to seven offices, and the company serves more than 60 major retailers globally. Its primary mission is to help fashion retailers create images effortlessly and economically.
FlixStock was one of the 10 startups that graduated from the seventh-edition of Target Accelerator Program.
Harindar said in a release:
“Images are key to successful ecommerce, but the production of fashion images has never seen any innovation. With FlixStock’s technology, products are now ready to go online in matter of hours, instead of weeks. We offer a suite of solutions to help retailers create images in large scale, at a fraction of the existing costs. This investment will further strengthen our tech stack in Generative AI and team expansion worldwide.”
(Edited by Megha Reddy)