FIGR Ventures has invested US $ 0.38 million in Truss, a UK-based start-up that specialises in resale fashion technology and aims to transform the fashion business by enabling resale through AI-enabled data infrastructure.
Truss said in a statement that it has obtained crucial match-funding to activate a US $ 1.4 million Innovate UK award with the extra US $ 0.38 million capital. This funding enables a joint project with Selfridges, Depop, and the University of Warwick to create a custom algorithm that can identify a fashion item from Truss’ database with just one image.
The funding will also be utilised to build the workforce, extend and improve the product portfolio, strengthen Truss’ technological skills, and form new alliances.
Woody Lello, chief executive and co-founder of Truss, said, “With crucial match-funding for our Innovate UK award and essential support, FIGR has been an amazing investment partner for Truss. Their commitment to and faith in our purpose have been crucial in propelling innovation and improving our technologies.”
