PlatformE, a fashion technology group co-founded by Farfetch’s José Neves, is buying start-up Cambridge-based Catalyst AI for an undisclosed sum.
According to the announcement, the deal will bring Catalyst AI’s machine learning tools for optimizing fashion supply chains to PlatformE’s services, which focus on on-demand and made-to-order fashion.
“We’re delighted to strengthen our capabilities with Catalyst AI’s innovative intellectual property, and will benefit immensely from the team’s expertise and their network of talent in one of the world’s leading data science ecosystems,” PlatformE co-founder and chief executive officer Gonçalo Cruz said in a statement.
For Catalyst AI co-founder and CEO Raymond Siems, “Gonçalo has an unwavering vision for the future of fashion.”
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PlatformE’s principal work is to move fashion companies away from wasteful mass production processes. Shorter supply chains can help make the case, but that tends to be challenging for made-to-order fashion.
The company offers 3D digital product creation for consumer retail experiences; software designed to streamline e-fashion, from product configuration to ordering, production and logistics, and a global network of high-tech factories capable of quickly producing on-demand fashion products. Catalyst AI’s tech appears to slot neatly into this model, though the specifics were not divulged.
“Machine learning and predictive technologies have a vital role to play in improving the efficiency of supply chains and moving to less wasteful models of production,” said Dr. Ahmed Zaidi, Catalyst AI co-founder and chief technology officer. “The digitalization of supply chain processes is leveraging data that allows us to reduce uncertainty and improve decision making through every step of the supply chain, from procurement of raw materials to purchase by customers. PlatformE is on the front of this wave, so it is the perfect place for our technology to be applied.”
The companies believe turnaround time, from the sample phase to retail, can be shortened to less than six weeks, as opposed to several months.
Since its conception in 2015, PlatformE has worked with a number of high-profile brands, such as Dior, Gucci, Puma, The North Face, LVMH Moët Hennessy Louis Vuitton, Kering, VF Corp., PVH Corp. and, of course, Neves’ Farfetch platform. The company is backed by Nordstrom, Amorim, TLF Ventures and the founders of Net-a-porter, among others. Alongside Cruz, the CEO, the company was co-founded by Neves and Swear’s Ben Demiri, with both fashion executives serving as co-chairmen.