Jacob Neidhardt
LONDON, UNITED KINGDOM – November 22, 2024
Fashiontech startup MannyAI has raised €1.5 million in pre-seed funding, including €240,000 from Innovate UK and €1.26 million from investors led by Dreamcraft Ventures. This funding will accelerate MannyAI’s mission to transform traditional manufacturing facilities into agile, AI-driven production hubs.
Tackling Fashion’s Overproduction Problem
The global fashion industry faces significant overproduction challenges, with up to 40% of garments remaining unsold due to demand mismatches. Traditional methods rely on markdowns and bulk purchasing, resulting in waste and inefficiencies.
MannyAI offers a solution through its AI-powered test-and-reorder model, enabling brands and suppliers to collaborate on short, responsive production cycles. This approach minimizes initial finished goods and reduces waste.
Founders with Industry Expertise
MannyAI was founded by Shruti Grover, a former manufacturing entrepreneur, and Simon Johnson, a data scientist. Grover’s extensive experience in factory operations and cutting-edge manufacturing informs MannyAI’s focus on practical software solutions that improve efficiency without costly new equipment.
MannyAI’s platform includes:
• AI-powered cost negotiation.
• Real-time order allocation.
• Dynamic capacity management tailored to factory capabilities.
These tools allow brands to adapt to real-time demand and optimize production costs.
Sustainability and Strategic Growth
MannyAI’s approach aligns with EU policies on reducing overproduction and overconsumption. By empowering existing factories with AI-driven tools, MannyAI provides a sustainable and scalable solution without the need for capital-intensive investments.
With three factories in Europe already testing its technology, the funding will help MannyAI scale its operations, enhance its AI capabilities, and establish new industry partnerships.
Investor Support and Vision
The funding round was led by Dreamcraft Ventures with participation from Alante Capital, Plug and Play EMEA, Carbon13, Ventures Together, and PDS Ventures. Mathilde Lyet, Principal at Dreamcraft, stated:
“MannyAI’s innovative tools empower brands to navigate the shift toward agile supply chains, reducing waste and improving profitability. Their approach is a timely response to industry challenges, particularly as regulatory pressures and nearshoring trends reshape the fashion landscape.”
The Future of Fashion Manufacturing
MannyAI is positioned to redefine fashion production with its sustainable, efficient, and AI-driven solutions, paving the way for a more responsible industry.
For more information, visit mannyai.com.
Media Contact:
Email: [email protected]
Location: London, United Kingdom
