Syte, a Tel Aviv, Israel-based visual AI technology company known for powering visual search for some of the world’s largest eCommerce companies, raised $21.5m in Series B funding.
The round, which brought total funding to $30m to date, was led by Viola Ventures with participation from Storm Ventures, Commerce Ventures, and Axess Ventures and all previous investors.
The company intends to use the funds to further extend their offering to include Visual AI powered personalization.
Founded in 2015 by Ofer Fryman, CEO, Idan Pinto, COO, Dr. Helge Voss, CTO, and Lihi Pinto Fryman, CMO, Syte is a Visual AI technology provider that allows retailers to tap into the personal inspiration of individual shoppers and deliver the right products at the right time, using artificial intelligence. The company also now offers Recommendation Engines, In-Store solutions such as Smart Mirrors and In-Store Stylists, as well as Deep AI Tagging to assist in product attribution tagging.
Its camera solution allows shoppers to take a picture of a product that inspires them and search for all visually similar products within a retailer’s site.
Syte developed the camera feature for leading brands such as Farfetch, Marks & Spencer, boohoo, Tommy Hilfger, and numerous others, leveraging partnerships with technology innovators, including Microsoft, and SAP.
The roster of clients includes Farfetch, Marks & Spencer, boohoo, and Tommy Hilfger.
The company opened its New York City office this past July and will establish a San Francisco location later this year. Syte is also planning to hire 70 new team members for 2020 in their US and Tel Aviv offices.
FinSMEs
09/09/2019