Fit:Match.ai struck a partnership with The Marena Group to use its technology to help patients with their medical compression garments post-surgery, CEO Haniff Brown tells Axios.
Why it matters: The compression wear and shapewear market is estimated to reach $6.95 billion globally by 2030, according to Allied Market Research.
The big picture: People who are undergoing body transformations are seeking Fit:Match's tech, Brown says.
- This is a particular pain point for those who go through a mastectomy or breast augmentation or any transformation surgically, Brown says.
- "They just didn't know their size post-surgery."
Details: The Fort Lauderdale, Florida-based company has a contract with Marena, a maker of medical compression garments, wherein it shares the upside, the technology, and the distribution of it, Brown says.
- Every time the technology is used, there's compensation in the form of commissions.
- Fit:Match will also receive development fees to improve the technology as it scales.
- There will also be fees tied to the number of surgeons who adopt the technology, Brown adds.
👀 What we're watching: Fit:Match is angling to raise $10 million to $15 million, likely in the next 18 months, as it ramps up category growth.
- "We have plenty on our plate right now, both on the health care side as well as the retail and consumer side, to really hit the next phase of our growth before that eventual next raise," Brown says.
How it works: Using new technology on iPhones like lidar sensors, Fit:Match matches users to their size based on their shape.
- On the back end, Fit:Match compares customers to people who've already tried on the garments.
- Fit:Match works with retailers — including Savage X Fenty, Fabletics and Macy's — to collect information on digital twins, so users can see people who have taken a scan, tried on the garments, and confirmed their sizes.
- Using a patented methodology that was created at Cornell University, this technology can better address a person's fat distribution or if there is asymmetry, Brown says.
Meanwhile, Marena is one of the largest distributors of medical-grade compression garments in the U.S. and globally.
- "We believe that in terms of the market size opportunity here, there's a huge runway to deploy this technology," Brown says.
What's next: The company aims to expand in the U.S. and wants to penetrate new product categories so that more surgical procedures are covered, such as liposuction, Brown says, adding this would also include men.
- Brown hopes to expand the business beyond clinics and private surgeons to hospitals, med spas, and larger groups of institutions, too.
- Fit:Match also aims to expand its partnerships on the retail side, including getting more of its technology in stores.
- "We want to do denim, we want to do swim," Brown says. "These are categories that are really bad for fit in terms of customer use case and their return rates."
Catch up fast: Earlier this year, Fit:Match raised $7 million in funding, in a round led by OLMA Capital, with participation from Atlante Capital.
- Savage X Fenty, Cornell University, Fabletics and plastic surgeon Michael Suzman are also investors, Brown says.
- The company has raised about $16 million to date.