Myth AI, a startup behind an AI-driven pattern design tool, has closed a €1.2 million funding round to help drive operations in the UK and explore new markets. The funding comes from a trio of angel investors, including Birkan Kül of Getir.com, Emre Kozlu and the founder of Turkish textiles firm Faik Ulutas.
Based in London and founded in Turkey, Myth.AI was originally created to help the founder’s own high-end fashion line Women&Women, but now offers a generative AI solution that uses visual or text prompts to streamline the design of new and unique patterns for brands across Europe. The technology drastically reduces the time is takes to create bespoke designs, along with helping to create a more sustainable design and production process through reducing the need for swatch samples, which ultimately end up in landfill.
Özgecan Üstgül, CEO and Founder of Myth.AI, said: “Our technology currently allows brands to create distinctive patterns within minutes, setting them apart in an industry often reliant on fabric suppliers. By drastically streamlining the process, we’re not only enhancing efficiency but also addressing fashion’s sustainability issues by significantly reducing fabric swatches and prototypes. However, this significant investment round marks a pivotal moment in our journey beyond textile and interior pattern tech and both my team and investors are excited to see how this innovation will help across new markets.”
Myth.AI is already being used across Europe in the textile design industry which has an estimated of worth of $161.4 billion. Brands such as Ratti (Italy), Telater (Spain), Sun Textile, Elyaf Textile, Gama Textile, Zorlu Textile, Halmer Fabric (Turkey) are already deploying the technology, along with well known ceramic industry brand, Vitra.
Since launching in the UK earlier in the year, the funding will be used to expand operations further into the UK, as well as exploring new markets that will allow the business to diversify from the current focus on application in textiles and interior pattern creation. Taking the Myth.AI offering into Asia and the USA is also on the agenda following the raise, with Myth.AI aiming to embark on this expansion in 2024.
Emre Kozlu, Director Strategy & Program Delivery at Philip Morris International, commented: “I’ve had the pleasure to watch Myth.AI evolve from an early-stage start-up, into a true AI business that is active in multiple verticals, nurturing sustainable strategic partnerships and most importantly building a formidable, unique product based on real customer pain points.”
Co-founder of Getir, Birkan Kül, addedt: “Myth.AI’s founder really impressed me and I saw a very successful entrepreneur who knew what she wanted to do. I was already investing in startups in many places, but Özgecan was different; her endless energy, down-to-earth and confident attitude are very important founder characteristics. I’m looking forward to walking the road together.”
Faik Ulutas, Founder of Mensa Textiles, said: “Myth.AI has the potential to produce the products and patterns that the publicly traded textile company I manage has developed with great care and effort over 50 years, in a very short time and at very low costs.”
Read the orginal article: https://www.eu-startups.com/2023/12/london-based-myth-ai-secures-e1-2-million-to-expand-ai-pattern-generation-into-markets-outside-of-fashion/
