China fashion software platform Linctex raises $100m
Linctex Digital, a Shanghai-based design services platform for the fashion industry, has raised an extended pre-Series B round of nearly USD 100m from GL Ventures and CDH Investments.
The company, also known as Style3D, closed a CNY 2.5m Series A from IDG Capital in 2017. This was followed by a round of undisclosed size from Yinxinggu Capital, Baidu Venture, Vision Plus Capital, and Shunwei Capital in 2019.
In 2020, Gaorong Capital led a CNY 100m round - dubbed as pre-Series A - with all existing investors re-upping. Lenovo Capital then led a pre-Series B in 2021.
Founded in 2015, Linctex's digital design tools are primarily aimed at small and medium-sized enterprises (SMEs), helping them optimize workflow. The company's clients also include the likes of leading domestic coat manufacturer Bosideng and global fashion brand Mango.
Its flagship product is Style3D, which maintains a database of thousands of different fabrics and clothing styles. Brand owners use this online resource to render designs and then communicate with in-house or third-party manufacturers. The use of a digital prototype saves time and money because there is no need to make repeated modifications to physical prototypes.
Digitalising traditional industries has become a popular investment theme. The prevailing trend in China’s fashion industry is for small orders of tailormade products with a fast turnaround.
Linctex is now exploring the digital clothing space in a web3 or metaverse context. It has built a simulation engine for trying out clothes on digital figurines.
"Clothing simulation products have already been developed overseas, but the application of high-tech in traditional manufacturing industries involves high learning costs and expenses. Meanwhile, games, film, television and other emerging industries have technical thresholds in clothing simulation," said Liu Chen, the company's founder and CEO.
"Solving the technical problems around clothing simulation and promoting industrial digitization is the original intention and opportunity for Style3D's overseas strategy."
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