Founded in 2020, Suede One uses machine learning, computer vision and expert human review to authenticate sneakers. According to internal testing, the company’s technology can correctly authenticate popular sneaker models, such as Jordan 1s and Yeezy 350s, with greater than 99% accuracy.
In addition, the platform already has a strong reputation for quick and accurate authentication among the resale community. Notably, the company recently authenticated a pair of Nike Air Yeezy 1 Prototypes that sold for $1.8 million.
The platform’s acquisition by Poshmark, which will see Suede One’s management join the Redwood City, California-based marketplace’s own team, ties in with Poshmark’s current focus on strategic investments aiming to boost progress in high-growth resale categories – such as sneakers – and improve user experience.
Suede One’s tech capabilities will be deployed to complement Poshmark’s existing Posh Protect and Posh Authenticate services, which the company will now be able to enhance and scale more effectively.
In particular, the marketplace alluded to the possibility of extending Posh Authenticate, which currently offers free authentication by Poshmark’s luxury experts for orders of $500 or more, to include virtual authentication for sneakers at multiple price points. Poshmark also said that the service could be extended to cover additional categories. Via FashionNetwork