TRUSS
Overview
TRUSS is a UK-based fashion technology startup that focuses on leveraging AI to enhance the resale process of second-hand clothing. Established in 2022 by graduates from the University of Warwick, the company has raised funding from various sources including a recent £300,000 from FIGR Ventures. Based in London, TRUSS seeks to streamline the authentication and cataloging of fashion items for the resale market.
Recent Developments
As of late 2024, TRUSS has made significant strides in its business and technological development:
- December 2024: TRUSS secured £300,000 funding from FIGR Ventures to enhance its tech capabilities and expand its database of fashion items.
- November 2024: TRUSS partnered with Innovate UK for a £1.1 million grant to develop advanced AI models aimed at enhancing product recognition and valuation for second-hand apparel.
- 2024: The company undertook collaborative projects with Depop and Selfridges, focusing on a multimodal catalog search for apparel valuations and automatic product identification.
- 2023: Participated in the Innovate UK BridgeAI programme and the Digital Catapult’s High Growth AI Accelerator, which helped TRUSS refine its AI solution and secure early-stage funding.
Company Information
| Attribute | Information |
|---|---|
| Founding Date | 2022 |
| Headquarters | London, UK |
| Founders | Woody Lello (CEO), Felix Jackson (COO), Jack Cardwell (CIO), Connor Mattinson (CTO) |
| Revenue | Not disclosed |
| Profits | Not disclosed |
| Key Investors | FIGR Ventures, SFC Capital |
| Industry | Fashion Technology |
| Number of Employees | 11-50 |
Early History
TRUSS was founded in 2022 by a team of graduates from the University of Warwick. The company was born out of a vision to streamline the resale fashion market using artificial intelligence. The founders identified key challenges in the industry such as the time-consuming process of cataloging items and inconsistent pricing. Their solution involved developing a robust AI system capable of instantly recognizing and providing detailed information about fashion items. Early success was marked by participation in the Innovate UK BridgeAI programme, which helped the startup gain initial funding and develop critical industry connections.
Company Profile and Achievements
TRUSS focuses on providing detailed product information for the fashion resale market, employing AI technology to enhance efficiency and accuracy:
- AutoID Technology: TRUSS's flagship software uses AI to quickly catalog clothing items by recognizing them through images, significantly reducing the time required for listing items in resale markets.
- AI and Data Infrastructure: The company's platform collects and analyzes fashion data, enhancing product searchability and resale value accuracy.
- Funding and Partnerships: Secured significant grants and funding, enabling collaboration with prominent fashion retailers like Depop and Selfridges.
- Recognition and Accolades: Recognition within the tech community through participation in accelerator programs and featuring at industry showcases.
Current Operations and Market Position
TRUSS currently operates at the intersection of fashion and technology, focusing on the resale market which is gaining traction due to a shift towards sustainability. The startup is positioned as a leading innovator in using AI to enhance the efficiency of buying and selling secondhand clothing. With a growing database of over 50 million fashion items, TRUSS offers substantial market insights, product authentication, and valuation data for the resale industry. Its partnerships with major retailers and the enhancement of its AI capabilities have solidified its competitive advantage in the market.
Conclusion
TRUSS stands as a pivotal player in the fashion tech industry, particularly in the realm of resale. By leveraging AI, the company addresses significant barriers in the fashion resale market—offering quicker and more accurate product listings and valuations. As the fashion industry continues to embrace sustainability, TRUSS is well-positioned to capitalize on this trend, paving the way for more efficient and eco-friendly shopping experiences. With continued innovation and strategic partnerships, TRUSS is expected to further solidify its impact and expand its operations within this niche market.