Syte Raises Series B Round of Funding to Expand Visual AI Adoption of More Retailers Worldwide
By Ariel Geifman • September 09, 2019
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,
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
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!