PARIS — Heuritech, a technology company that uses artificial intelligence to browse images on social media to discern fashion trends and promote products, is entering a new development phase — expanding abroad and branching out into the beauty industry.
Investors of the company’s $4 million series A investment round are venture capital funds Serena and Elaia, Jimmy Choo chief executive officer Pierre Denis and Coralie de Fontenay, a former Cartier executive.
“Our long-term goal is to become the go-to market intelligence platform for consumer and product insights,” Tony Pinville, Heuritech ceo, said in a statement.
Winner of the LVMH Moët Hennessy Louis Vuitton prize in 2017, the company was founded in 2013 by Pinville and Charles Ollion, who drew on their doctorates in machine learning to build image recognition technology that analyzes three million images and videos on social media each day.
“We have developed extremely sophisticated technology that allows us, starting from a simple image, to extract hundreds of precise characteristics like styles or patterns to summarize what is happening on social networks and allow e-tailers to promote the products that are trending,” Pinville told WWD in 2017.
The company also developed a trends forecasting platform that analyzes products and trends by region and audience.
Clients include Louis Vuitton, Dior, Paco Rabanne and, since moving into sports and mass fashion more recently, Adidas and Wrangler-owner Kontoor Brands.
Elaia investment manager Armelle de Tinguy said she considers the company’s efforts will be a game-changer in terms of how fashion and retail brands manage their operations.
Analyzing data and images with artificial intelligence has become central to the decision-making process for the tech company’s clients, added Léa Verdillon, an investment associate at Serena.