Chinese fashion technology firm LincTex Digital which offers virtual try-on technology to eCommerce platforms has raised $100 million.
The funding round, which Hillhouse Capital and CDH Investments led, will help the company grow its business overseas and further expand its offering in the fashion industry, the company said.
The company started in 2015, offering virtual try-on technologies and a 3D scanning solution called Style3D. Since then, it has expanded its product offering to serve designers and manufacturers who can use big datasets to design and produce their fashion collections, Reuters reported.
In its next phase of growth, the company is focusing on the metaverse, offering a digitally-simulated fabric that reportedly looks and moves like real clothing. Today, its solution is used by high-end brands such as Gucci that are now starting to sell digital products for the metaverse.
The company is also looking to integrate design, manufacturing, and online sales of physical products with the production of digital clothing items, founder and chief executive Liu Chen said.
The Hangzhou-based company currently operates offices in Amsterdam, Copenhagen, Milan, and New York.