Trend forecasting agency Editd has announced a $1.6 million seed round led by Index Ventures, the investors behind online shopping giants Net-a-Porter, Etsy and Asos.
The funding will be used to extend existing product lines, increase the amount of data being analysed, enter new markets and extend the team globally.
Index Ventures venture partner Robin Klein will join the board as chairman, while further contributors to Editd financing include Alex Zubillaga, Atlas Venture, High Line Venture Parnters, Sylvie Gabriel and Joanne Wilson.
Editd was founded in London in 2009 by Australian expats Julia Fowler and Geoff Watts.
The firm offers an automated retail monitoring and analytics platform which scans blog posts, tweets, Facebook and online platforms to determine what's being talked about, what's selling, what's not selling and the next big trend in fashion.
Watts said more than two million products and 300,000 new opinions are measured by the firm daily, with this data then used to generate pricing, design and buying decisions at major fashion brands.
"With Index Ventures, we have one of the most successful investors from the intersection of tech and fashion joining us. Their expertise, and that of the further investors, means we are well equipped to replace the crystal ball that tortures the fashion business with a strong product they can rely on."