Phia, a procuring app that lets customers evaluate costs throughout websites for each used and new objects, on Thursday introduced it secured $8 million in seed funding.
The spherical was led by enterprise agency Kleiner Perkins, with backing from names like Hailey Bieber, Kris Jenner and former Meta government Sheryl Sandberg.
Phia was based by Phoebe Gates, daughter of Bill and Melinda Gates, and Sophia Kianni. The platform, which launched in April, makes use of AI to assist customers discover and evaluate costs on visually comparable objects, estimate resale worth and observe worth drops throughout totally different retailers by way of its app and browser extension. The firm has amassed 500,000 customers since launch and works immediately with manufacturers and retailers similar to Cult Gaia and Revolve.
The firm will use the funding to develop its staff, together with bringing on extra engineers and AI researchers. It plans to introduce an AI procuring agent that generates personalised product suggestions primarily based on customers’ preferences, looking behaviour and finances.
“Phoebe and Sophia recognized the white space that existed in the fashion industry and were quick to build a product this generation wants,” Hailey Bieber, founding father of magnificence model Rhode, which was acquired by E.l.f. Cosmetics in May, stated in an announcement to The Business of Fashion. “They move fast and listen deeply to their customers. Backing female founders with this level of clarity and creativity is something I’m honored to be a part of.”
Phia’s seed spherical comes as vogue tech startups utilizing AI appeal to curiosity from buyers. Gen-AI design platform Raspberry raised $24 million in January; digital try-on app Doji secured $14 million in May; and AI-powered private styling platforms Alta and Gensmo took on $11 million and $60 million in funding, respectively, in June.
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