PORTO - Technology company Smartex has raised US$24.7 million in a Series A funding round to develop its software which aims to reduce environmental impact by detecting textile defects in real-time.
The Portuguese company says its automated identification process reduces textile waste, CO2 emissions, energy, water, time and money by automatically shutting down production to prevent waste.
Lightspeed Venture Partners and Tony Fadell’s Build Collective led the oversubscribed funding round which was also supported by H&M Group and Fashion for Good.
