Israeli visual AI technology company Syte announced today that it has raised $21.5 million in a Series B financing round led by Viola Ventures and with the participation of Storm Ventures, Commerce Ventures, and Axess Ventures as well as all previous investors. With the latest funds, Syte has raised $30 million to date.
With offices in Tel Aviv, New York, Geneva and London, Syte was founded by CEO Ofer Fryman, COO Idan Pinto, CMO Lihi Pinto Fryman and CTO Helge Voss. The company is set to open a San Francisco office and is also planning to hire 70 staff for 2020 in its US and Tel Aviv offices to support its growing customer base. Syte expects 300% revenue growth in the coming year.
Syte has led the retail industry’s adoption of Visual AI technology, and is known for powering visual search for some of the world’s largest e-commerce companies, by providing the most accurate visual AI on the market. Syte's 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. Clients include Farfetch, Marks & Spencer, boohoo, and Tommy Hilfiger.
Syte also 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. With this round of funding, the company plans to further extend their offering to include Visual AI powered personalization.
Ofer Fryman said, "We have a vision to transform product discovery, and thus the eCommerce experience, for both retailers and consumers. 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."
Viola Ventures general partner Ronen Nir said, “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. 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.”
Published by Globes, Israel business news - en.globes.co.il - on September 9, 2019
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