#StartupNews Heuritech: artificial intelligence + fashion | Idea factory
#StartupNews
Heuritech: artificial intelligence + fashion
Origin: Paris
Total of investments: $5,7 million
Business model: software/subscription
In the industry related to seasonal tendencies it’s essential to foresee what clients will prefer in the future. How can we do it, though? Traditionally, you can look at the things that were sold well last year and compare them with designers’ forecasts. Alternatively, you can use maths. That’s what a French startup Heuritech does.
Concept
The company has developed a technology that analyzes photos and videos from social media. It allows to quickly identify what products or trends are likely to be in huge demand in the nearest future. The platform also teaches its customers how to use the technology and help them systematize the derived data.
Background
The founders are Tony Pinville and Charles Ollion — doctors of science in terms of data analysis. Initially, they wrote a program that applied artificial intelligence for analyzing data from photos. Then Tony and Charles started looking for the ways of applying it.
Louis Vuitton was Heuritech’s first client. Together, they designed an algorithm for detecting company’s bags in photos. Later, the founders met investors, Serena Fund, and employed professional staff.
Achievements
The startup has succeeded to attract such brands as Louis Vuitton, Dior, Jimmy Choo, Adidas, and others. They aim to figure out what’s going to sell well in order to work on their new collections more efficiently.
The startup is given necessary data like customers’ age, budget, and deadlines. Heuritech collects the information which reveals a surge in demand for particular items, colours, or patterns.
Prospects
Of course, you can question the further relevance of the technology based on social network. Maybe, we will give up using social networks at all and Heuritech’s algorithms will be irrelevant.
Though, meanwhile their data amount is steadily growing. The company asserts social media is expected to remain the major source of data for forecasting fashion, beauty and other spheres.
What do you think about Heuritech’s innovation? Text in the chat!
