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Mai Raises $5 Million in Series A+ Funding to Enhance the World's First Fully-Automated Video Fashion Shopping Solution
Jan. 27, 2021
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New York, NY - 01/27/2021 - Forever changing the retail commerce space by making social content instantly shoppable, Mai has received another significant investment. The New York-based startup has received an additional $5 million of Series A+ funding led by Arbor Ventures, followed by Partech Ventures, Tekton Ventures, Voyager Capital and Bascom Ventures. Wei Hopeman, Managing Partner at Arbor Ventures states, "Social commerce is transforming the way consumers discover and buy. Mai's AI-powered visual discovery shopping engine makes any photo or video content instantly shoppable. We look forward to partnering with the Mai team to redefine frictionless commerce."
Mai specializes in e-commerce performance advertisements that recognize the burgeoning demand for an increase in content monetization. Upping the ante on digital advertising with a now factor, Mai has married content platforms with e-commerce brands through their AI-based image and video content recognition and search technologies. Mai achieves high-quality performance conversions for clients by turning fashion tech into an on-demand see and shop experience. Now consumers can employ fully automated AI computer vision technology and use personalization and e-commerce bidding systems to buy all things on-trend.
Mai's global team of leading computer vision scientists, engineers, and fashion experts combines AI deep learning and visual discovery to deliver a more attentive online shopping method to consumers. A simple scroll through a feed or visual search turns every photo or video across any social platform or device into an instant connection with top global e-commerce platforms. Mai is live with two of the largest social content platforms in Asia, with access to 800 million consumers, enabling them to shop over 200 million product SKUs on Farfetch, Revolve, Yoox, Bloomingdales, SHEIN, SSENSE, Forever21, Shopbop, Cafe24, Mark Styler, Alibaba, JD, Vipshop and Pinduoduo. Mai is also working with leading luxury brands to convert online social traffic more effectively which will allow viewers to instantly discover and shop the exact products worn by celebrities and influencers on social content.
Joy Tang, the Founder of Mai, said, "Marketing tech has to evolve to fit the 70% of Gen Z who will never discover products directly through a retailer's website. They see what they want to purchase through influencer photos, videos, TV shows, movies, and other digital media. The trend is moving toward shopping directly through content platforms where they can tap an image and see everything they want to buy and where to buy it instantly. With a global fashion e-commerce digital advertising allocation of $200 billion annually, social commerce is not only the future; with Mai it is happening right now."
"Now is the time for retailers and brands to embrace technology that both identifies and simplifies the buying process of their product, once it has been viewed digitally through organic, streaming content," says Terry Lundgren, retired Chairman and CEO of Macy's. "Companies like Mai offer this service on a 'pay-for-performance' basis making a new business relationship easy to justify, especially during challenging times when brands need to reach more consumers."
No stranger to recognition, Mai was the first place winner of the 2020 MIT Global AI Star competition. Mai won the Most Fundable Company by Investment Value at the Asia Internet Conference in 2020. A gold medal winner in the China Mathematics Olympics, Tang graduated from MIT and then worked in high frequency trading as a lead AI algorithm strategist. Tang went on to found several startups and in 2018 won the title of 100 Most Intriguing Entrepreneurs by Goldman Sachs.
For more information, visit https://www.markable.ai.
Mai, formerly known as Markable AI, is the world's first fully-automated video fashion shopping solution. The company was founded in the United States and began a deep Asia market involvement in late 2018.