Style tech start-up Persi has closed a £660,000 pre-seed fundraising spherical that was twice oversubscribed, because it units out to restore what it calls the “damaged” state of on-line personalisation with AI “that understands actual individuals, not simply information”.
Institutional B2B investor Haatch and ESM Investments led the increase, whereas the ultimate £50,000 was intentionally reserved for feminine angel traders in recognition of Persi’s sturdy feminine demographic.
Persi founder and Chief Govt Olivia Parkes, a former model and advertising strategist for main trend retailers, created Persi after concluding that the trade’s data-driven advice engines had been failing to fulfill shoppers’ actual wants.
She believes that present programs merely recycle a buyer’s previous clicks and purchases, or supply gadgets favoured by “individuals like them,” which frequently aren’t related.
In direct response, the AI being applied by Persi first learns the context of every particular person, together with what’s already hanging of their wardrobe, how they outline their private model, even the occasions looming of their calendar, earlier than suggesting merchandise that “genuinely complement these realities”.
Parkes mentioned: “Proper now, on-line personalisation isn’t private – it is simply noise. On-line personalisation ought to really feel like recommendation from a trusted stylist, not a determined gross sales pitch. While you begin with the individual as a substitute of the product feed, the whole lot adjustments.”
In line with Parkes, the stakes for retailers are excessive, as acquisition prices proceed to climb, conversion charges hold slipping and, within the UK final yr, on-line trend returns reached 50%.
Conventional advice software program is “trapped inside a single service provider’s transactional silo” and can’t grasp the nuances of favor or the explanations somebody may, or may not, purchase a garment. The result’s “irrelevant suggestions, pissed off consumers and eroding unit economics”.
Persi’s reply is a extra sustainable discovery engine that plugs effortlessly into any e-commerce web site, analyses shopper uploads and a number of information factors, and returns strategies that resonate with true private style.
In a shopper trial with 42 paying customers and a B2B pilot on the rental platform Hirestreet, Persi delivered 90% model match accuracy, 40% click on via on beneficial gadgets and 100% buyer satisfaction.
Isabella West, Hirestreet’s Chief Govt, mentioned Persi’s expertise “aligns completely with our mission to construct loyalty via worth added providers”.
The recent capital is permitting Persi to broaden its crew, with Chief Product and Expertise Officer Matthew Deakins now becoming a member of Parkes and Chair Sue Cherrie as Persi launches its plug-and-play SaaS answer for trend retailers.
It’s also deepening its AI capabilities via a analysis partnership with the College of Stirling, in addition to accelerating its ‘go to market initiatives’ and model partnerships.
Sally-Anne Newson, Chief Buyer Officer at Reiss, and now investor and advisor to Persi, mentioned: “Persi’s obsession about bringing the buyer and their behaviours into the guts of the personalisation expertise is one thing that may carry actual worth to the buyer and the retailer.
“I’m delighted to be a part of their journey and assist them as they scale their retailer pipeline.”
Parkes added: “Our imaginative and prescient is straightforward. On-line purchasing needs to be totally personalised, intuitive and human centred. Closing this spherical with such a outstanding group of sector savvy traders is the momentum we have to make that imaginative and prescient actual.”
