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PlatformE Acquire AI Start-ups to Accelerate Fashion Supply Chains – WWD

PlatformE, a fashion Technology team co-founded by José Neves of Farfetch, is acquiring Cambridge-based startup Catalyst AI for an undisclosed amount.

According to the announcement, the acquisition will bring Catalyst AI’s machine learning tools to optimize the fashion supply chain into PlatformE’s services, with a focus on on-demand fashion and make-to-order.

“We are excited to enhance our capabilities with Catalyst AI’s innovative intellectual property and will benefit immensely from the expertise of the team and their talent network in one of the world’s largest ecosystems. leading data science,” said Gonçalo Cruz, co-founder and CEO of PlatformE, in a statement.

For Catalyst AI co-founder and CEO Raymond Siems, “Gonçalo has an unwavering vision of the future of fashion.”

PlatformE’s main job is to move fashion companies move away from wasteful mass production processes. Shorter supply chains can help build fit, but that tends to be a challenge for made-to-order fashion.

The company provides 3D digital product creation for the consumer retail experience; software designed to streamline e-fashion, from product configuration to ordering, production and logistics, and a global network of high-tech factories capable of rapidly producing fashion products on demand. Catalyst AI’s technology seems to fit neatly into this model, though the specifics aren’t disclosed.

Dr Ahmed Zaidi, Co-Founder and Director of Catalyst AI, said: “Predictive technology and machine learning have an important role to play in improving supply chain efficiency and moving towards a low-waste production model. than. Technology officer. “The digitization of supply chain processes that are leveraging data allows us to reduce uncertainty and improve decision making through every step of the supply chain, from raw material purchasing to purchasing. of cutomer. PlatformE is ahead of this wave, so it’s the perfect place to apply our technology.”

Companies believe that the turnaround time, from sample stage to retail, can be shortened to less than six weeks, instead of months.

Since its establishment in 2015, PlatformE has worked with several well-known brands, such as Dior, Gucci, Puma, The North Face, LVMH Moët Hennessy Louis Vuitton, Kering, VF Corp., PVH Corp. and of course, Neves’ Farfetch Platform. The company is backed by Nordstrom, Amorim, TLF Ventures and the founders of Net-a-porter, among others. Along with Cruz, CEO, the company was co-founded by Neves and Swear’s Ben Demiri, with both fashion executives as co-chairs.

Source link PlatformE Acquire AI Start-ups to Accelerate Fashion Supply Chains – WWD

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