Syte, a leading visual AI technology company known for powering visual search for eCommerce companies, has announced that it has raised $21.5m in Series B funding led by Viola Ventures and joined by high profile investors, Storm Ventures, Commerce Ventures, and Axess Ventures. All previous investors also participated in the round, bringing Syte’s total funding to $30m to date.
Syte has been a leader in the retail industry’s adoption of Visual AI technology, by providing the most accurate visual AI on the market, according to Microsoft. Their 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. The company’s roster of clients includes Farfetch, Marks & Spencer, boohoo, and Tommy Hilfger.
Syte 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. With this round of funding, the company plans to further extend their offering to include Visual AI powered personalisation.
Syte’s founding team includes Ofer Fryman, Lihi Pinto Fryman, Idan Pinto and Dr. Helge Voss who’s diverse backgrounds spanning from wealth management to machine learning have contributed to Syte’s growth.
“We have a vision to transform product discovery, and thus the eCommerce experience, for both retailers and consumers.” said Syte’s 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.”
These developments are already well underway. 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% revenue 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,” said 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.”