InfiMind, a Chinese artificial intelligence (AI) start-up focusing on fashion and retail industries, has raised about RMB100 million (US$14.12 million) in a series A round of financing led by venture capital firm Sequoia Capital China.
Chinese venture capital firm Turing Capital and all existing investors including GSR Ventures and MFund also participated in this round, shows information updated on Chinese business data provider Tianyancha on Wednesday.
InfiMind was founded in 2017 to utilize AI-based visual technology in the fashion and retail industries. The company provides e-commerce platform, fashion content media and retail stores with service modules including image search, automatic labeling of products, commercialization of social media images, and automatic generation of marketing content. It also give AI-based clothing match advice for individual users to improve the shopping experience.
The Beijing-based company currently provides three products: a self-developed AI open source platform AIFashion, an e-commerce intelligent operation product ECPro, and an intelligent data platform PIM for fashion brands.
Core members of the company are from Tsing Hua University, Massachusetts Institute of Technology (MIT), and National University of Singapore (NUS).
Proceeds of this round will be used to optimize products, expand customers, and establish industry barriers.
InfiMind previously raised tens of millions of yuan in a series pre-A financing round from MFund in November 2018, and secured millions of yuan in an angel round from GSR Ventures in July 2017.