EDITD, a young London based company that has developed an automated retail monitoring & analytics platform for the fashion industry, today announced a $1.6 million seed round led by Index Ventures. Robin Klein of Index Ventures will join the EDITD-board as chairman. The funding will be used to extend the existing product line, increase the amount of data being analysed, enter new markets and expand the team globally. Further contributors to the financing include Atlas Venture and High Line Venture Partners.
Currently, major fashion brands worldwide depend on manual analysis from consulting firms to gather information on consumer buying habits, the spread of trends from the catwalk to Main Street, and moves by key competitors. EDITD automates this process by mining and organizing the wealth of information that can be found online. The startup scans Tweets, Facebook, blog posts and other sources to determine what’s being talked about, what’s selling and what isn’t, and what the next big thing will be in the fashion world. More than two million products and 300,000 new opinions are measured by EDITD every day. Brands can then use this information to place orders, determine pricing, move stock and better manage their overall inventory.
EDITD co-founder and CEO Geoff Watts said, “Their (Index Venture’s) expertise, and that of the further group of investors, means we are well equipped to replace the crystal ball that tortures the fashion business with a strong product they can rely on.”
EDITD was founded in 2009 and has a diverse and international customer base of retailers and contemporary fashion brands. The young company won Seedcamp in 2010 and is, like we mentioned earlier, headquartered in London.