LincTex Digital, the developer of virtual try-on technology for fashion e-commerce, has raised $100 million in a VC funding round led by Hillhouse Capital and CDH Investments.
LincTex Digital will set aside the money for international expansion and a further shift into the digital fashion realm.
The Hangzhou-based firm is most commonly known as Style3D, a software and hardware developer for the fashion industry and was founded in 2015.
From developing virtual try-on technologies and 3D body scanning in the beginning, Style3D has now broadened its offering to include digital services for fashion designers and manufacturers so they can use big data to design and produce fashion collections.
Most recently, it also pivoted to the metaverse, with digital fashion design and technology products. Its digitally simulated fabric is designed to look and move like clothing in the real world.
Style3D is looking to integrate the design, manufacturing and online sales of physical clothing with the design and production of digital clothing items, founder and chief executive Liu Chen said in the statement.
It has also been expanding worldwide, opening offices in Copenhagen, Amsterdam, New York and Milan over the past year.