Syte raises $21.5m to accelerate visual search
Written by Peter Walker
Syte has raised $21.5 million in Series B funding led by Viola Ventures and joined by Storm Ventures, Commerce Ventures and Axess Ventures.
All previous investors also participated in the round, bringing Syte’s total funding to $30 million to date.
The artificial intelligence (AI) company’s technology powers visual search for some of the world’s largest e-commerce companies, including Farfetch, Marks & Spencer, Boohoo and Tommy Hilfger.
The 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 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.
"We have a vision to transform product discovery, and thus the e-commerce experience, for both retailers and consumers.” said Syte’s co-founder and chief executive 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.”
Syte opened its New York City office in 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 its US and Tel Aviv offices to facilitate anticipated 300 per cent revenue growth in the coming year.