NOAH London is just around the corner, so we sat down with Europe’s most promising startups to learn more about why their products and services can revolutionize the digital ecosystem.
Today, we’re chatting with Anabel Maldonado, Founder of PSYKHE who will be presenting on our Startup Stage at our conference on 30-31 October at Old Billingsgate.
What does your company do?
PSYKHE is a fashion recommendation platform powered by AI and psychology. We’re not just throwing AI at fashion, but rather, we’re the first to use psychology – personality trait data – and machine learning to understand why we wear what we wear and recommend accordingly. My research (well, and Cambridge Analytica’s) has shown strong correlations between the two, and our algorithm is based on this framework.
What is your target market and how big is it?
The global fashion e-commerce market is estimated to be around $600 billion, and PSYKHE’s estimated target market is $25 billion. In addition to the traditional luxury and aspirational shopper, I also believe our intellectual approach to fashion will engage shoppers who didn’t care for or were intimidated by fashion before, as now they won’t be pushed trends and arbitrary “must-haves”, but rather recommendations for their baseline personality traits, combined with their fluctuating moods and other contextual data such as where they’re travelling to, as that also affects one’s mindset.
Why will you be successful?
PSYKHE will win the personalisation game because we understand the psychological data points behind consumer motivation better than any other play and have found a way to codify personality traits as aesthetic attributes. Currently, other recommendation engines use unreliable data. For example, as a consumer, I buy a red lace dress from X brand, and then all I get is 30 more products from that brand. Or I get similar red lace dresses. While film recommendations work like this – if you like one spy thriller, you’ll probably enjoy others – fashion is different. In this example, I have filled the niche for a red lace dress and a piece from that brand in my closet. Yet in understanding the underlying quality of the item, we can recommend others they will likely want.
Are you planning to raise funds over the coming months and what criteria should your ideal investor have?
We are raising £500,000 in pre-seed funding. Much like our first strategic investor Carmen Busquets (Net-a-Porter, Farfetch), our ideal investor is passionate about the overdue merging of fashion and AI by a team with an honest, legit background in both. My Lead Data Scientist worked as a Quant before joining us, and I’ve been in the fashion industry for a decade.
Why should potential corporate clients meet you at NOAH?
Because we know “secrets”, to quote Peter Thiel, that other personalisation platforms don’t. I am sure they’ll be interested in how we are data mining personality traits and feature-engineering fashion products.