When we founded Syte five years ago, we set out to solve the friction in product discovery, to make shopping easier and more enjoyable. Even then, when we were just a handful of people with an idea, we sensed that this would be the beginning of a game-changing technology — both for retailers and consumers.
Today, we’re proud to announce our Series C funding round of $30 million, led by Viola Ventures and LG Technology Ventures, with participation from La Maison, MizMaa Ventures, Kreos Capital, and existing investors Magma, Naver Corporation, Commerce Ventures, Storm Ventures, Axess Ventures, Remagine Media Ventures, and KDC Media Fund.
This funding comes barely a year after our Series B round last September, bringing our total capital raised to $71 million.
What’s more, it comes at a time when millions of consumers around the world are shopping online for the first time ever.
Funding the Next Generation of Product Discovery Experiences
This year has been and continues to be enormously challenging for individuals and businesses alike. It has also brought with it tremendous change, including the rapid acceleration of eCommerce adoption.
2020 has launched our industry several years forward, presenting brands and retailers with a new reality and a new standard for customer experience.
We have reached this point by honing industry-leading technology that enables brands and retailers to create intuitive and delightful experiences. Now, we are grateful for the opportunity to use the new funding to take those experiences to the next level.
We will focus on scaling our product discovery platform — already the first of its kind in the world to include visual search, augmented site search, and hyper-personalization — by developing and acquiring additional technologies that connect shoppers with their ideal products using all the senses: visual, text, voice, and more.
We will also continue developing our hyper-personalization engine — the only personalization engine that combines traditional algorithms with visual AI to provide truly individualized recommendations based on shoppers’ unique visual tastes.
And finally, we will be using this financing round to continue expansion into North America throughout 2021.
A Future of Continued Growth and Innovation
We are honored to be creating intuitive and memorable product discovery experiences in partnership with our inspiring and innovative customers around the world, and we are excited to continue expanding that reach, to continue helping brands and retailers stand out and excel in our new normal.
Viola Ventures partner Ronen Nir said that “Syte’s growth is a testament to their second-to-none technology, their forward-thinking team, and their laser-sharp focus on customer experience,” — this couldn’t be more true.
As this new funding propels us forward, I am incredibly grateful for our team of talented and dedicated Syters, and of course, for our customers, the brands and retailers who see clearly into the future of eCommerce and customer experience — we are thrilled to be on this journey with you!