AI firm Syte eyes global expansion with $21.5m funding
Visual artificial intelligence (AI) firm Syte will extend its technology offering and open a new US office after raising $21.5 million, reports Jane Connolly.
The Series B round was led by Viola Ventures with participation from Storm Ventures, Commerce Ventures, Axess Ventures and all previous investors.
Hailed by Microsoft as the most accurate visual AI on the market, Syte’s technology enables shoppers to take a photo of a product and then search for all visually similar products on a retailer’s website. This feature has been taken up by brands such as Farfetch, Marks & Spencer, Boohoo and Tommy Hilfiger.
With the latest funding, the Tel-Aviv based firm plans to extend its existing products – recommendation engines, in-store solutions such as Smart Mirrors and In-Store Stylists, and Deep AI Tagging – to include visual AI-powered personalisation.
Having opened a New York office in July, Syte plans to create a San Francisco premises later this year and will add 70 new staff to its US and Tel Aviv offices in 2020.
“We have a vision to transform product discovery, and thus the e-commerce experience, for both retailers and consumers,” says Syte’s co-founder and CEO, Ofer Fryman. “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.”
To date, Syte has now raised $30 million in total.
