Israeli startup Syte.ai, which has developed a visual search engine for fashion products, has raised $8 million in a Series A financing round led by NHN Ventures, and with the participation of Naver Corp., Line Corp., Magma VC, Remagine VC, KDC Ventures and NBM Ventures.
The Tel Aviv based company combines Artificial Intelligence (AI) and fashion by developing visual search algorithms to enhance customers’ shopping experience. Syte.ai's product provides a user experience specific to the needs of the retailers and publishers’ sites, enabling users to find the best fashion matches and complete their look.
The company plans to use the money to expand its presence in the US, Europe, and Asia Pacific.
Syte.ai was founded in 2015 by CEO Ofer Fryman, CTO Dr Helge Voss, COO Idan Pinto, and CMO Lihi Pinto Fryman. The company’s first product, glamix, is an AI personal fashion assistant designed to create a seamless shopping experience for consumers. Syte.ai's second product is an AI visual search fashion platform exclusively for retailers and publishers to assist online shoppers in finding their desirable look.
A former investment banker, CMO Lihi Pinto Fryman conceived the idea for the company after seeing a dress in Vogue that she wanted but was unable to find. She told "Techcrunch,"I said to my husband (CEO Ofer Fryman), how can it be that in 2014 I see a dress that I really like and can’t just tap it and get it?”
Published by Globes [online], Israel business news - www.globes-online.com - on July 19, 2017
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