Larissa Posner has been quite busy lately. Earlier this year, she spoke at Davos during the World Economic Forum. Just months prior, she made it onto the Los Angeles Times’ “Influential Female CEOs in Their 30s” list. Featured in global publications ranging from Wired to Harper’s Bazaar, Posner is among a small percentage of women who have gained recognition in the male-dominated fields of finance and technology.
Posner began her career on Wall Street in her early twenties, quickly rising to a vice-president role at a multi-billion-dollar U.S. hedge fund. At the time, “quant funds” were the early adopters of AI, using machine learning for short-term stock market forecasting and trading. Working alongside PhD mathematicians, Posner became fascinated with the potential of digitization and AI ingenuity in ways that extended beyond finance. She envisioned leading a team of engineers to drive innovation for a company of her own.
After identifying an inefficiency in the e-commerce space, Posner recruited cutting-edge computer scientists to disrupt it. She believed that machine learning could streamline the process of photographing fashion and selling garments. By deploying AI and matching it with a sharp vision, she bet that her company’s technology would change the way fashion is marketed. So far, she is winning that bet.
“Over the past four years, we took a ‘What if’ idea from inception to a realized technology with a platform currently being utilized worldwide,” says Posner. StyleScan now boasts thousands of users across 53 countries and has its sights set on expanding into the MENA region with a new venture round.
We sat down with the visionary CEO to hear more about her plans for continued growth.
1. Tell us about StyleScan.
StyleScan software dresses real people virtually. Our B2B technology enables fashion enterprises to create on-model product images in seconds. From fashion design through manufacturing to online and retail sales, StyleScan works behind the curtain, saving time and costs and reducing waste for the fashion industry.
The deeper value lies in the fact that the garment does not need to physically exist—it may only be a digital prototype, yet with our software, it can be displayed on real human models.
2. So, in a way, StyleScan is redefining the traditional supply chain process?
That’s right. We are seeing more brands adopting this innovative, sustainable, and efficient approach. Using StyleScan, they can digitally assemble a garment on a model from our database and start selling instantly. As their buyers place orders, they can begin manufacturing the product.
3. Congratulations on your success with B2B customer growth. How do you see StyleScan’s technology evolving going forward?
StyleScan’s current achievements complete the first phase of our long-term strategy. The next step is to solve a significant issue for consumers. Currently, there’s no way for e-commerce shoppers to see how a pair of pants would go with a particular shirt or complete a look with a blazer on the model. We plan to change that by integrating our technology with major retailer websites to offer consumers a clothing mix-and-match option. This interactive feature will be possible because our software converts clothing into dynamic “layers” that can be mixed, matched, or replaced.
After that, I envision a consumer try-on feature, allowing the shopper to replace the pictured model with an image of themselves.
And that’s not all. As thousands of users engage with our AI, it is constantly learning. As we continue, our technology will enable companies to further personalize the shopping experience for consumers.
4. The fashion-tech space has been booming with acquisitions. Several of your competitors have been recently acquired for $100-$200M while still in the pre-revenue stage. Is StyleScan planning to take a similar path?
Obviously, we can’t comment on current conversations, but under the right circumstances, we will consider various options.
AI is changing the world as we know it. Forward-thinking corporations are realizing they must adapt or be left behind. This means retailers must reinvent themselves by acquiring tech companies that have already built powerful AI solutions. And given that there are only a finite number of innovators in the fashion-tech community, we anticipate that acquisition multiples will only increase.
5. We’ve touched on how retailers can stay competitive. What about an AI company? How is StyleScan maintaining its defensible edge?
StyleScan has a two-pronged approach to protecting our IP: rapidly growing proprietary data and patented assets.
In the battle of AIs, you’re only as good as your data. No one has the same advanced level of proprietary training data that we’re constantly gathering. Our machine-learning engine thrives on the highest-quality data that is constantly updated by every user each time they use our platform.
Lastly, StyleScan’s co-founders are pioneers in the machine learning space who have developed a multitude of novel AI algorithms. Our tech team and board members come from backgrounds spanning Regeneron, Meta, Tesla, D.E. Shaw & Co., and Raytheon with top-secret clearance.
6. Why the MENA Region?
I’ve traveled to the region numerous times and completely fell in love with the people, the culture, and the lifestyle. As a tech nerd, I can’t help but scan the space for where tech innovations are emerging. I saw how the MENA region is going through a digital transformation. For example, Microsoft recently created a $1.5 billion dollar fund to promote local AI ventures. And while AI is being introduced into certain industries, like real estate and hospitality, there isn’t anyone providing solutions for fashion retailers. I plan to change that by expanding into the market with a new venture round, recruiting local engineering talent, and arming MENA retailers with our cutting-edge solutions.
