Hangzhou Zhiyi Technology Co., Ltd (知衣科技) has continuously completed three rounds of financing and raised a total of nearly USD 100 million, led by GL Ventures, Xiaohe Capital, Innovation Capital, and Zoom Capital.
Founded in February 2018, Zhiyi Technology has developed a series of SaaS products for fashion designers in assistance with regular operations. The company's core technologies include fashion image recognition, data mining, and personalized recommendation.
By identifying fashion trends, the company provides intelligent sorting features to support merchandise planning and subsequently expands to the fashion supply chain service through the SaaS portal. Zhiyi Technology is known to own the largest structural database in the fashion industry by obtaining over 1 billion fashion images, 100 billion structural fashion designs, and more than one million self-designed clothing samples.
To raise up to around USD 100 million funding, the company aims to use the new funds for team building and products in response to targeted supply chain solutions for clothing brands and live streaming hosts. As a company specializing in AI-driven and SaaS-based digital tools, Zhiyi Technology combined the ability to use deep learning algorithms on a clothing search system.
Some of the AI-driven algorithms help enterprises to extract clothing features, retrieval, and detection through a multidimensional intelligent analysis across nearly 1,000 fashion labels. With a wide range of partnerships, Zhiyi Technology has worked with thousands of fashion industry clients, such as UR, Vipshop, Bestseller Group, Peacebird, HLA, Semir, and more.
Currently, Zhiyi Technology has achieved a 95% accuracy in the image recognition process and increased the design acceptance rate up to 70% compared to 30% from the traditional sorting. After using precise AI-based technologies, the company is capable of identifying the fashion designs, which significantly reduced the length of the planning cycle and production process.
For three consecutive years, Zhiyi Technology has achieved 300% of annual revenue growth with monthly active users of its SaaS products exceeding 95%. The company constructs an integration model between its flexible manufacturing supply chain business and SaaS products. In the future, Zhiyi Technology will continue to empower fashion designs and contribute to the digital transformation of the fashion industry,