Myth.AI, a Turkish startup led by female entrepreneur Özgecan Üstgül, has secured $1.3 million in seed investment, marking a significant stride in the field of AI-powered design. This funding round, backed by notable angel investors, is set to expand the startup’s operations into new markets and further innovate in the realm of AI-driven pattern design.
Myth.AI, originally created in 2020 to assist Üstgül’s high-end fashion line Women&Women, now offers a generative AI solution that streamlines the design of unique patterns for brands across Europe. Using visual or text prompts, the tool significantly accelerates the design process, creating bespoke designs in just 4 seconds. This technology not only enhances efficiency but also addresses sustainability issues in fashion by reducing the need for fabric swatches and prototypes.
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Expansion and Growth Plans
With the new funding, Myth.AI aims to expand its operations beyond the UK, where it was launched in 2022, and explore markets in Asia and the USA by 2024. The startup’s current focus on textiles and interior pattern creation is set to diversify, tapping into new application areas.
Impact on the Design Industry
Myth.AI’s AI-based tool is revolutionizing the textile design industry, estimated to be worth $161.4 billion. The technology is already being used by major brands like Ratti, Telater, Sun Textile, and Vitra, showcasing its potential to transform the industry. The tool’s ability to generate hundreds of designs tailored to an organization’s identity in mere seconds is a game-changer, leading to a 70% acceleration in the design process.
Investor Confidence and Endorsements
The startup has garnered praise and support from its investors. Emre Kozlu, Director Strategy & Program Delivery at Philip Morris International, lauded Myth.AI’s evolution into a formidable AI business. Birkan Kül, co-founder of Getir, expressed admiration for Üstgül’s entrepreneurial spirit and confidence in the startup’s future. Faik Ulutas, Founder of Mensa Textiles, highlighted Myth.AI’s potential to produce patterns at a fraction of the time and cost.
The Vision of the Founder
Özgecan Üstgül, CEO and Founder of Myth.AI, emphasized the technology’s ability to create distinctive patterns rapidly, setting brands apart in an industry often reliant on fabric suppliers. This investment round is a pivotal moment for Myth.AI, as it looks to expand its innovative technology beyond textile and interior pattern creation.
A New Era in AI-Powered Design
Myth.AI’s successful funding round marks a new era in AI-powered design tools. With its innovative approach and expansion plans, the startup is poised to make a significant impact across various industries, revolutionizing the way designs are created and contributing to a more sustainable fashion industry.
