Neatsy.ai is a shoe-sizing startup that has developed a technology to help business owners reduce returns on purchases and improve the online user experience. The company announced this week that it raised new seed funding to help expand its business and improve the accuracy of its technology.
Neatsy.ai Sizing Tech and Effectiveness as a Business Tool
Shoe-sizing startup Neatsy.ai works directly with business owners to help consumers buy shoes that fit perfectly on the first try. With ecommerce growing at such a rapid rate, many companies have not found a way to fully reproduce the in-person shopping experience. Neatsy.ai helps improve the online shopping experience by leveraging 3D scanning technology to measure feet down to the millimeter.
Once a foot is scanned, the shoe-sizing startup matches users with the shoes that will best fit them on a company’s website. This will closely resemble the in-person shopping experience of trying on shoes at a store, which is entirely lost when one relies exclusively on the shoe size to shop online.
For a business, using the shoe-sizing startup’s software can help not only reduce the number of returns but increase sales. In fact, Neatsy.ai claims it has proven to reduce the number of returns by an average of 39%. Additionally, using the company software can help a business improve its average revenue per user (ARPU) by 20%.
The software developed by the company is currently programmed to provide personalized fit recommendations for Nike, Jordan, Vans, Converse, Adidas, Reebok, Asics, New Balance, Under Armour, Puma, and Yeezy. Neatsy,ai has now measured the feet of nearly 50,000 shoppers and has created partnerships with several different business owners who have integrated the technology into their online storefronts.
The shift toward building a client base of business owners instead of individual shoppers has helped generate significant interest in the company from many venture capital (VC) firms and investors.
Neatsy.ai Funding Round and Plans for Growth
In its Seed funding round, Neatsy.ai raised $1 million in capital. The funding round saw participation from Cabra VC, Flyer One VC, and several angel investors.
The shoe-sizing startup will spend most of the money to improve its current software and expand the number of shoe brands it can reach for its tailored recommendations. Additionally, the company will continue to build a larger client base in the United States (US) and Europe, as the majority of its revenue currently comes from these regions. Other goals the startup has planned include working with professional sports teams to improve the orthopedic capabilities of cleats and sneakers.
When commenting on the plans for Neatsy.ai in the future, company founder Artem Semyanov said, “All the paying clients are currently in Europe, we also see great potential in the further rollout to European markets… as Germany, the UK, France are home for great sportswear and fashion companies, as well as for large online fashion marketplaces. As well as thousands of SMB shops and brands for whom we are developing an entry-tier product,” later adding, “We are also looking at the US market, as we currently have several brands testing our tech (yet for free) but we are optimistic here.”
Tom Price is a writer focusing on entertainment and sports features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.