Bold Metrics Inc. - Female Entrepreneur of the Year

Company: Bold Metrics inc. San Francisco, CA
Company Description: The industry-leader in AI Body Scanning technology, San Francisco-based Bold Metrics has been helping apparel brands boost conversions, reduce returns and super charge their supply chains with customer body measurement predictions and data-backed insights since 2016. Co-founded by our CEO, Daina Burnes, Bold Metrics technology powers virtual try-on for brands in a scalable way with proven success.
Nomination Category: Individual Awards Categories
Nomination Sub Category: Female Entrepreneur of the Year – Business Products –10 or Less Employees

Nomination Title: Daina Burnes

Bold Metrics has been the gold standard for machine learning-led size recommendation technology with rapid 3X year-on-year growth. It’s AI Body Scanning technology is highly accurate, to within 99% accuracy of a master tailor’s in-person measurements. Its solutions have proven to reduce average apparel return rates by 32% after implementation. In 2019, Bold Metrics launched the Smart Size Chart to provide a fast and accurate way for brands to connect customers to clothing in their ideal fit based on personal style and fit preferences.

In 2020, Bold Metrics launched the first-to-market Contactless Fit® to provide a safe and easy way for customers to find their sizes in-store without the need for physical fittings or to enter a changing room. Burnes spearheaded exciting partnerships with companies such as Forma (3D visualization) and DXM (on-demand manufacturing ecosystem). In recognition of her entrepreneurial achievements, Burnes was selected to be part of the prestigious Barclays and TechStars Female Founder First Program in December 2020.

In 2021, the significant growth of the company led Burnes to restructure the team to create a more efficient workflow and introduce greater diversity as a completely remote team. To date, Bold Metrics has raised $4.4 Million in funding.

Daina Burnes deviated from the safe trajectory of her PhD program during its fourth year to launch Fashion Metric, AI-powered apparel eCommerce platform. Burnes—also a published author in multiple leading research journals with patented technology in the field of Optics and Computer Vision—founded Fashion Metric in 2012 as an online store that curated apparel for customers according to fit and size, powered by proprietary AI technologies developed by her and her team.

In 2016, recognizing the greater potential in the body data AI services her company generated, Burnes transformed Fashion Metric into Bold Metrics—an Saas company headquartered in San Francisco, which focused on leveraging machine learning technologies to help apparel brands reduce returns and boost conversions. Bold Metrics solutions empower apparel companies to successfully supercharge supply chains and create personalized fit experiences for their customers.

As co-founder and CEO of America’s leading AI Body Scanning technology company, Burnes is a trailblazer. With a background in Engineering and Data Science, Burnes has previously led pioneering cross-institutional research initiatives in Biophysics and Optical imaging at MIT and UCLA, and is one of a rare cohort of female tech founders that have created successful tech companies within a heavily male-dominated industry.

Bold Metrics rapid growth underlines the industry’s need for accurate and scalable fit and sizing solutions. Its proprietary AI Body Scanning technology, combined with garment style, tech pack data, and the low-friction method of asking customers to fill in just 4-6 simple survey questions to be connected to their best fit personalizes the entire fit experience. Burnes has been championing the innovative use of AI-powered Body Scanning technology since 2016. The convenience of not having to enter a fitting room while being assured of accurate results means that customers find their ideal size from the first try, no guesswork, scanners or selfies required. The latter two of which have been proven to result in high customer friction.

Bold Metrics solutions help brands improve sustainability efforts by reducing returns and cutting down on carbon emissions from transporting and processing them. This aligns with Burnes desire to help the apparel industry be more environmentally responsible. Giving brands the capability to design according to actual customer sizing means less unnecessary production and unsold inventory, the majority of which usually ends up as landfill or incinerated.

The Smart Size Chart emerged as the most accurate size recommendation technology in a third party analysis that included other machine learning-led size recommendation competitors.

Contactless Fit® is a game-changer for brands like Men’s Wearhouse, which introduced it in over 650 stores nationwide to improve the in-store fitting experience via a simple survey on a tablet that was easy for both staff and customers to use.

Reference any attachments of supporting materials

Patents and published papers
https://pubmed.ncbi.nlm.nih.gov/?term=daina+burnes+
https://pubmed.ncbi.nlm.nih.gov/23935904/ - co-first author
https://pubmed.ncbi.nlm.nih.gov/18390638/- co-first author
Barclays TechStars Female Founder First -https://rise.barclays/female-founders/programmes/female-founders-first-by-barclays-and-techstars/

Press release - BMI products
Contactless Fit® https://www.esquiresg.com/virtual-fitting-company-bold-metrics-partners-with-mens-wearhouse/
https://www.pymnts.com/news/retail/2021/tailored-brands-expands-collab-with-ai-firm-bold-metrics
https://sourcingjournal.com/topics/technology/bold-metrics-contactless-fitting-room-stores-coronavirus-mastercard-payments-210996/

Virtual try-on technology
https://wwd.com/business-news/technology/amid-pandemic-fitting-rooms-try-virtual-tech-on-for-size-1203654003/
Virtual Tailor - https://www.trendhunter.com/trends/denim-fitting

Tech solutions for clothing retailers amid COVID-19 https://www.youtube.com/watch?v=cCe4jPOaTeQ