Let’s Enhance, a San Francisco- based AI startup, has closed a $3 million seed funding round to change how e-commerce platforms manage user-generated content using Artificial Intelligence.
The funding round was led by Chamaeleon with participation from Margo Georgiadis, Hype Ventures, and Acrobator. The capital infusion will allow Let’s Enhance to boost the development of its Claid automated image processing platform. Nuno Goncalves Pedro, Founder and Managing Partner at Chamaeleon, referred to the firm’s participation in the round by stating:
“We are backing Claid because it brings together a unique trifecta that is rarely found in start-ups these days: technology differentiated approach to a real problem that requires deep technology for its resolution; a practical and scalable go-to-market approach that is underpinned by a solid and innovative product; and a collegial and humble team with very clear superpowers.”
Founded in 2018 by Sofi Shvets and Vlad Pranskevičius, Let’s Enhance is looking to harvest the latest advancements in AI and Machine Learning (ML) to facilitate the management of high volumes of images in e-commerce platforms. Claid, the startup’s flagship platform, allows marketplaces to accept 90% of user-generated images that would traditionally be rejected. This is possible due to its use of ML, which increases the processing up to 10 times and is likely to become even more efficient over time.
This approach has allowed Let’s Enhance to save e-commerce platforms a high amount of processing power and to improve the user’s experience by removing the need for the users to submit content multiple times. The automated editing of the images has also been shown to improve conversion rates as a result of the increased relevance and attractiveness of the final product. Sofi Shvets, Co-founder and CEO at Let’s Enhance, said about this success:
“We were very excited to showcase the rapid growth of ecommerce in the US during covid-19 pandemic as online sales accounted for around 75% share of all gains in retail in 2020. With new financing we are planning to release more features for content moderation, scale engineering and sales teams. Our goal is to help businesses effectively create and deliver visual experiences with next-gen AI content tools.”
With e-commerce becoming an increasingly popular and valuable industry, optimizing the use of resources has become a multi-million effort for companies around the world. This demand has created an increasing demand that startups like Let’s Enhance are trying to solve by using AI and ML, technologies that can be further applied to other industries.