Funding Round attributes
ECGI Holdings, Inc. (OTC: ECGI), a diversified holding company operating through its Uplist Ventures division, has announced a strategic investment in TrueToForm, a 3D computer vision startup that uses artificial intelligence to improve digital garment fitting and reduce apparel return rates. The investment marks ECGI’s entry into the artificial intelligence space, expanding its presence in innovative, high-growth technology markets.
TrueToForm has developed a patented AI-powered platform that produces highly accurate digital avatars using 3D body-scanning technology. These avatars enable apparel brands to provide better-fitting garments, ultimately helping to reduce the high volume of returns due to sizing issues in online shopping. According to Coresight Research, the online apparel industry faces an average return rate of 24.4%, with over 50% of those returns attributed to incorrect sizing. This translates into a $38 billion annual loss, underscoring the significant value proposition of TrueToForm’s solution.
Although the specific amount of ECGI’s investment was not disclosed, it was revealed that ECGI joins a roster of investors including MassChallenge, Dartmouth Angels, and Chicago Booth Angels. The funding will support TrueToForm’s expansion into the ready-to-wear e-commerce market and further development of its sizing prediction capabilities.
