Despite a downturn in the startup funding in 2023, generative AI startups have bucked the trend, raising a record breaking $10 billion, as per GlobalData. This marks a significant 110% increase compared to 2021, even though the total venture capital funding dropped by 65% to $224 billion.
As evidence to this, we have seen female-founded AI startups such as Malou, Siena AI, Tech Spark AI, and many others raise investments in recent times. Another startup that has entered this lineup of startups is Myth.AI, an AI-driven pattern design tool.
Expansion plans ahead
The Turkish startup has netted $1.3 million in seed investment from a trio of angel investors, including Birkan Kül of Getir.com, Emre Kozlu and the founder of Turkish textiles firm Faik Ulutas.
The funding will be used to expand operations further into the UK (where it was launched in 2022), and explore new markets that will allow the business to diversify from the current focus on application in textiles and interior pattern creation. Taking the Myth.AI offering into Asia and the USA is slated to happen sometime in 2024.
AI-based design tool
Myth.AI was originally created in 2020 by Özgecan Üstgül in Turkey to help the founder’s own high-end fashion line Women&Women. Now, it offers a generative AI solution that uses visual or text prompts to streamline the design of new and unique patterns for brands across Europe.
The technology reduces the time is takes to create bespoke designs, along with helping to create a more sustainable design and production process through reducing the need for swatch samples, which ultimately end up in landfill. The AI-based design tool, makes designers working lives simpler, easier, more pleasant, and more productive. With this tool, designers can create state-of-the-art, personalised design products.
As per the company, its AI-powered design tool generates hundreds of designs in just 4 seconds, leading to a 70% acceleration in the process, and providing unique designs tailored to the organisation’s identity with every creation.
Myth.AI is already being used across Europe in the textile design industry with an estimated worth of $161.4 billion. Brands such as Ratti (Italy), Telater (Spain), Sun Textile, Elyaf Textile, Gama Textile, Zorlu Textile, Halmer Fabric (Turkey), and ceramic industry brand Vitra have deployed the technology.
Emre Kozlu, Director Strategy & Program Delivery at Philip Morris International, commented: “I’ve had the pleasure to watch Myth.AI evolve from an early-stage start-up, into a true AI business that is active in multiple verticals, nurturing sustainable strategic partnerships and most importantly building a formidable, unique product based on real customer pain points.”
Co-founder of Getir, Birkan Kül, said: “Myth.AI’s founder really impressed me and I saw a very successful entrepreneur who knew what she wanted to do. I was already investing in startups in many places, but Özgecan was different; her endless energy, down-to-earth and confident attitude are very important founder characteristics. I’m looking forward to walking the road together.”
Faik Ulutas, Founder of Mensa Textiles, added: “Myth.AI has the potential to produce the products and patterns that the publicly traded textile company I manage has developed with great care and effort over 50 years, in a very short time and at very low costs.”
Özgecan Üstgül, CEO and Founder of Myth.AI stated: “Our technology currently allows brands to create distinctive patterns within minutes, setting them apart in an industry often reliant on fabric suppliers. By drastically streamlining the process, we’re not only enhancing efficiency but also addressing fashion’s sustainability issues by significantly reducing fabric swatches and prototypes. However, this significant investment round marks a pivotal moment in our journey beyond textile and interior pattern tech and both my team and investors are excited to see how this innovation will help across new markets.”
