FindMine Analysis

Part
01
of five
Part
01

FindMine Analysis

In column C, rows 3-8 of the attached project spreadsheet, all requested information on the company FindMine has been provided. Information provided includes an overview of the company, history, products, funding, claims, and team. Source links used have been provided in row 9. FindMine automates tasks for the retail industry, using its in-house technology.

FINDINGS

  • The company has received total funding of $1.7 million in two funding rounds.
  • The company states that their software is capable of increasing revenue by up to 10%, and increasing conversion by up to 150%.

RESEARCH STRATEGY

To fulfill this request, we commenced our research on the company's website, where we were able to identify information on the company's overview/history, products, and claims. We made use of the company's page on Crunchbase to retrieve information on the total amount of funding they have received as well as their leadership team. We have provided all the requested information in the attached project spreadsheet.



Part
02
of five
Part
02

FindMine Competitors

The competitors for FindMine are Syte, Fit Analytics, Fashwell, Unmade, Visenze, Markable, Intelistyle, Metail, and Snap Tech. The required details for the companies have been provided in the attached spreadsheet columns C-K and rows 1-3, and 9.

SYTE

  • Syte provides retailers with visual AI technology to help them improve the shopping experience of their customers as well as increase their sales. Through the camera search solution retailers can connect their shoppers with the available products in their stores.
  • The company also leverages on an in-store smart solution that promotes shopping in brick and mortar stores. The in-store smart solution includes an in-store smart mirror that helps customers find products similar to what they are looking for and an in-store stylist app that assist in shopping for a complete fashion.

FIT ANALYTICS

  • Fit Analytics provides retailers in the fashion industry with a machine-learning platform that helps in solving sizing issues for their shoppers. They offer a Fit-finder solution which provides shoppers with a precisely customized recommendation on the size of an item.
  • The Fit-connect solution enables retailers to leverage on data and size of their customers hence providing a customized shopping experience while the Fit intelligence solution uses customer data which retailer can aid business decision-making process.

FASHWELL

  • Fashwell is a SaaS platform that helps retailers to meet the needs of their shoppers through solutions that make the shopping experience exciting as well as profitable. Shoppers can easily access products through the Deep Learning Image Recognition solution which captures the image of every item in the store.
  • Their visual search technology allows customers to search for a product using an image and not words while the Visual Recommendation solution provides similar products and helps in complete outfitting,

UNMADE

  • Unmade is a global software solution company in the sportswear and fashion industry that promotes the demand for outfits. The company enables fashion brands to provide customized products to their customers and improve their shopping experience. The technology enables the brands to include an individual order into an existing production

VISENZE

  • Visenze is an AI Solution provider that aims at advancing shopping experiences. The solutions include Search By Image that allows shoppers to locate products and a Visual Commerce Platform that shows similar products. Also, they provide Visually Similar Product Recommendation and Automated Product Tagging Solutions.

MARKABLE

  • Markable is an AI-based solution provider that seeks to upgrade SEO, improve the shopping experience, and increase return on investment of a business. Its ultra-modern image recognition solution locates items in videos and photos. Markable also helps shoppers to search for similar products and also complete outfitting.

INTELISTYLE

  • Located in London, Intelistyle is an AI styling solution provider in the fashion retail industry. The platform helps fashion retailers to meet the needs of their clients by providing on-point styling advice. They integrate consumer preferences and fashion trends, which allows brands to provide on-trend outfits.

METAIL

  • Metail provides fashion brands with a solution that incorporates a machine learning algorithm that offers shoppers with precise style and size recommendations. The solution also enables brands to enhance their operations by allowing customers to shop for their preferred clothes before they are made.

SNAP TECH

  • Snap Fashion is a tech startup that uses machine learning and AI to upgrade product searching for both online and in-store retailers in the fashion industry. Its visual search technology makes it easy for customers to shop for what they want. The solution has a bespoke algorithm that acts as a digital stylist that matches items and identifies similar products.

RESEARCH STRATEGY

To identify the actual competitors for FindMine, we first sought to understand the company's services and afterward identify companies that provide services similar to it. From our search, we determined that FindMine provides tech solutions that helps fashion retailers offer an improved shopping experience for their clients. It also enhances the purchase decisions of shoppers through its "complete the look" technology which acts as a digital stylist. Additionally, the company offers solutions that improves the profitability of a business. After searching through sources like Forbes, Antavo, and Floship, we were able to identify the nine competitors listed above, which provide solutions in fashion industry that are similar to FindMine.
Part
03
of five
Part
03

FindMine CL 1

We have summarized the details of Syte, Fit Analytics, and Fashwell including the history, products, funding, and team were on the competitors tab of the attached spreadsheet.

Syte

  • History: Syte was founded on May 7, 2015, by Helge Voss, Idan Pinto, Lihi Pinto Fryman, and Ofer Fryman in Tel Aviv, Israel. Their first product was launched in 2017.
  • Syte has not been acquired by any company and they have not acquired any other business.
  • Additionally, there has been no change in senior leadership.
  • Syte recently won the Glossy Award Europe for "Best Brand Collaboration" and "Best Product Launch Campaign" with Farfetch.
  • Products: Syte's product includes Visual AI, which allows shoppers to find inspiring products and gives retailers highly targeted traffic. This product offers camera search, deep tagging, recommendation engines, and in-store solutions.
  • Funding: US$10 million
  • Claims: The benefits listed on Syte's website includes a new revenue channel where retail appears on a shoppable feed. "Retailers are able to achieve high conversion rates due to the highly targeted traffic and strong purchase intent using the product. Retailers are also able to keep existing customers and acquire new ones due to direct engagement with shoppers. Retailers only have to "pay for customer shopping journeys that convert with a Cost Per Acquisition (CPA) pricing model)".
  • Team: Syte's team include Ofer Fryman, CEO; Idan Pinto, COO; Lihi Pinto Fryman, CMO; Dr. Helge Voss, CTO; Omri Rotem, CIO; and Susan Aubrey-Cound, Business Development Director.

Fit Analytics

  • History: Fit Analytics was founded on July 1, 2010, in Berlin, Germany by Sebastian Schulze. The company was previously known as UPcload.
  • Their first product was launched in 2011.
  • The company has not been acquired and it has not acquired any other company. Their senior team has not changed
  • Products: Their products include Fit Finder and Fit Analytics data platform. Fit Finder helps retail customers find the right size product.
  • The Fit Analytics data platform uses a database of garments and fits information with consumer preferences to help inform retailers on apparel life cycle from manufacturing to marketing.
  • Funding: US$932,000
  • Claims: The Fit Finder provides accurate size recommendations. This product solves sizing at scale, boosts conversions, and reduce product returns.
  • The Fit Analytics platform promotes personalization for e-commerce, marketing, user experience, and merchandising. The platform helps streamline production and supply chains for technical services, designers, manufacturers, and supply chain managers.
  • The platform also drives better business decisions for e-commerce, marketing, merchandising, retail, inventory management, and logistics.
  • Team: The company's team includes Sebastian Schulze, CEO, & Co-Founder, and Asaf Moses, Managing Director.

Fashwell

  • History: Fashwell was founded on September 30, 2014, by Matthias Dantone, in Zurich, Switzerland.
  • Their product was launched in 2018. This company has acquired by any company.
  • However, Fashwell was acquired by Apple in 2019.
  • There has been no change in senior leadership, other than their employer, Apple.
  • Products: The company's product is Flashwell Technology that offers deep learning algorithms for fashion and furniture product recognition.
  • Funding: CHF 1 M (US$1,022,123).
  • Claims: Flashwell Technology's deep learning image recognition makes every image shoppable. Their platform can search by image and recommend products to customers. Flashwell Technology offers visual search which increases search success and prevents drop-offs.
  • Customers can shop by what they see. Flashwell Technology allows shoppers to see recommendations based on a product's style using machine learning. This leads to shoppers using outfit recommendations which will lead to upsell and cross-sell boosts for brands. Their technology offers accurate and scalable results
  • Team: The company's team includes Matthias Dantone, CEO & CO-Founder; Lukas Bossard, CSO & CO-Founder; and Michael Emmersberger, CTO & CO-Founder.
Part
04
of five
Part
04

FindMine CL 2

Unmade has received a total of $13.2 million in funding, Markable has raised $10.7 million, and ViSenze $34 million. Detailed below is the history, products, funding, claims, and teams of each of these companies. All findings have also been provided in the spreadsheet attached.

UNMADE

VISENZE

Markable

  • Markable was founded in January 2016 in Madison, Wisconsin, and its first product was launched in May 2016.
  • Their first product was an AI-based app that allowed users to purchase fashion garments similar to those they’ve seen in real life.
  • In 2016, the app was the most popular among customers aged 25 to 35.
  • Marty Chang has abandoned the position of chief technology officer in January 2017.
  • The company has developed a software that allows companies to advertise their products in a less intrusive, more relevant way. The software comes with other features such as the Insight Dashboard, the Markable Lens, and the Publisher Use Case.
  • Its second product is the Camera Search SDK, which allows customers to find fashion products using phone camera.
  • The company also owns Search Similar SDK, a product that allows online shoppers to find similar products using online images, and How To Wear It SDK, which detects fashion items on celebrity social media accounts.
  • Remaining products include Complete The Look SDK, Visual SEO SDK, Video SDK and eCommerce Use Case, all of which operate using the same AI technology.
  • The company's total funding is US$10.7 million.
  • Markable claims their products increase order value, reduce bounce rate, improve engagement, increase conversion rate, and drive demand.
  • The company leadership is as follows: Joy Tang, CEO; Jonas Grimfelt, CTO; and Dicky Lou, CVO.
Part
05
of five
Part
05

FindMine CL 3

Intelistyle, founded by Micheal Michelis and Kostas Koukoravas in 2017, offers personalized omnichannel retail experiences through AI styling technology; and the company has raised a total of $796,600 in funding over two rounds. Metail, a company founded by Tom Adeyoola in 2008, offers a composed 3D body modeling that shows how the clothing looks in the body before it is made. The company has raised a total of $32.4 million over six funding rounds. Detailed below is the requested information for InteliStyle, Metail, and SnapTech. The same findings are also provided in the attached spreadsheet.

 INTELISTYLE 

 METAIL 

  • Metail was founded by Tom Adeyoola in 2008. The idea came to him because he wanted to help his girlfriend find well-fitting clothes without the need to spend hours in changing rooms.
  • Metail, with an estimated annual revenue of $2.9 million, underwent six funding rounds, with TAL Apparel as their lead investor. The company was not acquired, nor did it acquire any other companies.
  • The company offers a composed 3D body modeling that illustrates how the clothing looks in the body before it is made. The MeModel is a technology that allows brands to deliver personalized experiences at scale.
  • Metail has raised a total of $32.4 million in six funding rounds.
  • The company promises higher engagement, increased conversions, reduced returns, and increased customer loyalty. They also claim to help businesses expand their knowledge about customers, manage inventory efficiently, streamline their supply chain, increase their cross-device reach, and access machine learning algorithms that learn every day, with over 7.2 billion data points.
  • The team is composed of Tom Adeyoola, founder; Jim Downing, CTO; Kevin Au, managing director; Sarah Walter, chief creative officer; and Duncan Robertson, chief scientist.

 SNAP TECH 

  • This London-based visual search company was established by Jennifer Griffiths in 2011 with a mission to make finding affordable fashion quick, easy, and fun.
  • The company has since won several awards, such as “Thinker Award for Best Innovation in Marketing” in 2019 and “Inspirational Innovation” in 2015, among others. Jennifer Griffiths was also listed in Forbes’ 30 under 30 list in 2016.
  • Initially called SnapFashion, the company changed its name to SnapTech in 2016. According to the founder, the name was changed to reflect the true nature of their business, which is technology, not fashion.
  • The company has not been acquired.
  • Snap Tech went through three funding rounds, with Time, Inc., as its lead investor.
  • The following are the company's products: Snap SDK, a mobile kit for developers that turn smartphones into a visual search tool; Snap Similar, a website tool that allows customers to find exactly what they are looking for by showcasing items that are similar to what they already clicked on; Snap For Editors and Snap for Galleries, tools to monetize content; Snap Colour, a plugin color wheel that allows customers to find the perfect shade without the risk of incorrectly tagged items being shown; Snap eShop, an e-commerce platform; Snap InStore, an in-store technology that allows customers to find similar or matching items using an algorithm; Snap Social Shopping, a feature that shops similar looks using social media; and Snap 404, a tool that redirect consumers to similar items when a product sells out.
  • The company has raised a total of $2.5 million in three rounds of funding.
  • For retailers, Snap Chat promises to increase engagement and monetize content, increasing time spent on the site by 100%, a 33% growth in conversion rates, and visitors engaging in six more products on the website. For publishers, they promise a 13% click-through rate, 3% conversion rates, and a +50% increase in AOV.
  • The team is composed of Jennifer Griffiths, CEO; Mark Hasslacher, chief operating officer; and Eric Kirwan, director.
Sources
Sources

From Part 04
Quotes
  • "The Singapore startup, which offers an image recognition platform that enables store customers to search for products by image instead of keyword, counts Urban Outfitters, Uniqlo, Zalora, Rakuten, and “major” original equipment manufacturers (OEMs) among its stable of customers, and says it’s linked over 400 million products from 800 merchants and brands on its global affiliate network."
Quotes
  • "We drive high purchase intent, contextually relevant user traffic from across the globe on premium smartphone devices. Our team can also work with you to achieve specific goals such brand visibility, app installs or targeted search advertising."