August 9, 2017: Markable, the visual search company founded by Joy Tang, has closed a $2.55 million investment round with participation from Plug and Play Ventures, Bascom Ventures, Plum Alley Investments, Infinity Venture Partners and others. This is Markable’s second round of funding with the previous round led by Cheetah Mobile, the Chinese mobile internet giant (NYSE:CMCM).
“We were drawn to Joy and the team she has built which includes 5 PhDs deep learning scientists and 2 Master deep learning engineers from around the world. Not only does Joy understand the market opportunity, but Markable is introducing its product to its first clients,” said Deborah Jackson, Founder and CEO of Plum Alley Investments.
With offices in New York and Madison, Wisconsin, Markable is an early stage company with proprietary AI technology that identifies products in photos and videos and makes them available for purchase. Markable's Lens SDK and API give brands an easy and effective way to find new customers and generate higher conversion rates while allowing publishers and hardware manufacturers to monetize any content living on their platforms.
“The revolution in deep learning AI started two years ago, and we are just seeing a glimpse of its possibilities, especially in fashion,” said Markable CEO, Joy Tang. “Riding the tip of this wave, Markable is going full speed ahead with four elite deep learning scientists, two deep learning professors and award winning engineers to create the cutting-edge AI algorithms and easy-to-integrate, end-to-end solutions that turn any photo or video into a virtual shopping mall.”
Tang is an extraordinary leader in the world of technology. A gold medalist in the Chinese Math Olympics, she attended MIT on a full scholarship and spent seven years writing algorithms for high frequency trading. Seeing a gap in the market for fashion object recognition, she formed Markable and quickly assembled an elite team.
Markable’s scientists and engineers have embraced the challenge of building a technology that can accurately recognize “deformable” products, such as fashion items, which require a much more complex image recognition technology than non-deformable products such as cars or even faces. Long thought of as the next frontier in digital commerce and a massive untapped opportunity, the ability to build this technology has only existed in the last few years as image recognition has improved through artificial intelligence.
“Our speed is real time and our accuracy is 2-6 times higher than all other deep learning algorithms published,” said Tang. “This round of investment will help speed our development, broaden our product offerings and scale rapidly.”