Help merge the best aspect of online shopping (convenience) with the best elements of in-store experience (confidence) The Fitting Room's has built and is commercializing an AI-powered SAAS solution to help apparel brands reduce returns, increase conversions, eliminate overproduction and improve the overall shopping experience for the consumer.
Real Problem: - Online apparel returns are 30-50% of everything purchased
- Overproduction is 30-40% of everything made
- These inefficiencies make up 30-40% of top line revenue for the average brand
Proprietary Solution: AI powered app (our own ML model) to create hyper-realistic 3D Avatars of consumers. This avatar becomes the universal login within our ecosystem of brand partners that shoppers can use for :
- Phase 1 - accurate size recommendations (live with 3 customers)
- Phase 2 - for photorealistic 3D Virtual Try-On (development completed, ready for launch)
- Phase 3 - even for try-on of custom-fit garments - which has never been done (target launch date late 2025). This component is patentable.
- Link to Demo
Massive Market Opportunity: $1.8T TAM with a $44B SAM - this is how much apparel brands are willing to spend on this type of technology. Most of our competitors didn't survive Covid and/or the 2021/2022 bubble, so we are looking at 3-5 real competitors for a $44B market opportunity.
Traction:
- We have spent the last four years de-risking the tech
- Now that we have gone live, we have onboarded 3 brands in the last 2 months, with no signs of slowing down
- Massive warm pipeline thanks to James Watt (ex-Nordstrom, ex-Peter Millar, ex-VP Holt Renfrew) and Barb Atkin (ex-VP Holt Renfrew) who have incredible rolodexes
Leadership team:
- CEO - previously launched 3 revenue generating businesses;
- CTO - a PHD with 15 yrs in deep tech, incl. classified projects at a top defense company;
- VP of Eng - built up and managed a team of 150;
- CRO - 20 yrs of exp. as senior management, director and VP growing luxury retailers: Nordstrom, Peter Millar and Holt Renfrew;
- Key Advisor - 35 yrs of exp. as senior leader in the fashion industry, including 27 years as VP of Fashion Direction at Holt Renfrew (Canadian Neiman Marcus)
Raise details: To date we have raised $1M USD in investment and just under $1M in non-dilutive funding. We found unique ways to stretch the dollar and will continue to do so. We are currently raising an additional $2M to commercialize Phase 2 of our solution, prove out the unit economics, and reach $100k+ in MRR over the next 12 months.
Here is a link to our investor
deck. Looking forward to telling you more soon!
Kirill Moisyeyev
CEO
kirill@thefittingroom.tech
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