Viola Ventures leads the $21.5 million investment round, with Syte using the funds to accelerate global expansion, introduce new product offerings, and strengthen research and development
Today, we’re happy to share that Syte raised $21.5 million in Series B funding. Viola Ventures led the investment, alongside high-profile investors Storm Ventures, Commerce Ventures, Axess Ventures, and Lyra Ventures. The total funding to date is $30 million.
The way people search and buy products is changing, and Syte is delivering the best shopping experience with the most accurate visual AI on the market. Powered by visuals, our Camera Search, Recommendation Engines, Deep Tagging, and In-Store solutions make the shopping journey relevant, personal, and seamless from the product discovery to purchase—both online and offline. Syte is now powering world-class retailers such as Farfetch, Marks & Spencer, boohoo, and Tommy Hilfiger.
We pursued the investment to give us more resources to better support our clients, expand our business, and develop new solutions. With the accelerated revenue growth in the coming year, Syte plans to enter this stage of hyper-growth with:
- Expansion in the US, Europe, Asia
- New office in San Francisco and expansion of the New York office
- Around 70 new hires across Israel and the US
- Focus on visual AI research and development
- Introduction of a new product offering: Visual AI personalization
Syte’s mission is to empower retailers to tap into the personal inspiration of individual shoppers and deliver the right products at the right time. In 2020, we plan to grow our customer base 4X by focusing on enterprise and SMEs, strengthening current relationships, and building new ones.
Thank you to our customers, industry partners, and employees for making our present and upcoming growth possible!