Extra cash will help sourcing platform limit waste
12/04/2022
Earlier investors including Lyra, Partech, Norrsken, Inventure and Day One Capital were also all involved.
The funds will allow the SaaS platform to further develop its sustainability-minded offering, as well as bring other firms into its orbit to help scale its growth, it said, although it did not disclose specifics. Material Exchange currently has offices in India, Armenia, New York and Dongguan in China’s Guangdong province, as well as in its home city.
Revealingly, the company did tell Vogue Business that its future goals include further honing its in-house, artificial intelligence-enabled tool Lucienne, however, designed to render prints and patterns in both digital and physical form in a bid to reduce waste at the sampling stage. An add-on to Lucienne is also reportedly on the horizon, intended to facilitate the transformation of designs into non-fungible tokens (NFTs).
Chief executive, Darren Glenister, told reporters: “I see an incredible amount of waste in this industry, with many samples sent and materials created based on speculation rather than needs and data. I wanted an investor who saw the big picture and could help us make the industry more transparent and sustainable.”
Image: Material Exchange.
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