PSYKHE, the First E-Commerce Recommendation Platform Powered by AI and Psychology, Raises $1.7 Million Seed Round
PSYKHE was founded by
PSYKHE secured a total of
Other investors include founding investor
Sholl commented, “As experts serving the luxury market, we’ve been looking for a way to scale the specialist knowledge owned by personal shoppers, those who can curate for their clients because they know them personally. By establishing personality through a proven scientific method underpinned by proprietary artificial intelligence, the PSYKHE team is building the brain of the ultimate stylist. Anabel is an extraordinary founder with an exceptional vision and the ability to execute not only the product, but a cultural movement.”
The PSYKHE platform uses the Big 5 model (openness, conscientiousness, extroversion, agreeableness and neuroticism), the most respected personality-trait framework within psychology, which has known correlations with behavior and style preferences. The results enable each user to receive a completely personalized feed of products from brands and retailers and organically connects brands with their natural consumer.
PSYKHE’s novel AI-led features allow users to “shop by mood,” a first in e-commerce, and to “tune” their feed, zapping away styles they don’t like. The platform lets users upload a picture and displays their name, giving PSYKHE users a sense of ownership through a social-media feel. Shoppers can use filters such as Black Designers, Sustainable Credentials, Social Impact and Size-Inclusive, all returned in a personalized order. Adapting for COVID-19, PSYKHE has included athleisure, loungewear and select homeware categories as well.
The PSYKHE founding team has spent a year training its AI models to assess surface attributes to assign a psychological profile to over 1 million products from its commerce partners, without the need for human input. The added layer of personality psychology, understanding why each consumer responds to certain aesthetic details, renders PSYKHE’s algorithm more powerful than other offerings. Unlike other applications that look for context-poor patterns from purchase history, PSYKHE uses personality data to cultivate the largest and most sophisticated taxonomy in fashion. The company has patents pending internationally to protect its technology.
Busquets said, “I’ve long been aware of the connections between mood, personality and fashion, and was excited to see how Anabel and PSYKHE are using AI, data science and psychology to disrupt the personalization space. As my focus remains on creating sustainability within the industry, the level of recommendation and science-backed reassurance the customer receives is the perfect antidote to the mindless overconsumption that plagues the industry.”
The platform is now live in beta phase by referral only, although users can request early access through the waitlist, which is approaching 10,000. PSYKHE launches fully to the public this fall.