AI-powered visual search firm raises $21.5m
Visual AI firm Syte has raised $21.5m in funding in a Series B fund led by Viola Ventures.
Syte’s technology powers visual search for eCommerce firms. Its camera solution allows shoppers to take a picture of a product and search for all visually similar products within a retailer’s website.
The company, which has an office in London, Tel Aviv, Geneva and recently New York, has roster of clients which includes Farfetch, Marks & Spencer, boohoo, and Tommy Hilfger.
Previous investors in the AI firm also participated in its latest round, bringing Syte’s total funding to $30 million to date.
With this round of funding, the company plans to further extend their offering to include Visual AI powered personalization.
"We have a vision to transform product discovery, and thus the eCommerce experience, for both retailers and consumers.” said Syte co-founder and CEO, Ofer Fryman.
"That vision is what has led us since we founded Syte, and it is what continues to lead us as we enter this stage of hyper-growth.
“ For us, the validation of our technology and product development has come from our clients, who have selected Syte to help them stay competitive in the fast-evolving retail industry.
“With this round we look forward to expanding our product offering in order to support our clients in more aspects of their digital innovation."
Syte reports it has opened its New York City office this past July and will establish a San Francisco location later this year. The company is also planning to hire 70 new team members for 2020 in their US and Tel Aviv offices to support their growing clientele and facilitate their anticipated 300 per cent revnue growth in the coming year.
“Rarely do we find companies that have managed to solve a technological problem that tech giants have been working for years to solve without success,” commented Ronen Nir, General Partner at Viola Ventures.
“The feedback from the market is clear and swift and the rate of adoption of Syte’s solution is unparalleled. We are excited to lead a significant funding round that would be able to take the company to the next level.”