Syte, a provider of visual AI search solutions for retailers, raised $21.5 million in Series B funding.
Viola Ventures, an Israeli venture capital fund with over $1.3 billion under management, led the financing round, with participation from Storm Ventures, Commerce Ventures, and Axess Ventures.
With the latest funds, the company plans to extend its offering further to include Visual AI-powered personalization.
Syte has led the retail industry’s adoption of Visual AI technology, by providing the most accurate visual AI on the market, according to Microsoft. Their 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.
The company’s clients include Farfetch, Marks & Spencer, boohoo, and Tommy Hilfger.
Founded in 2015, the company has raised $30 million to date, from investors including Viola Ventures, Commerce Ventures, Axess Ventures, NHN Ventures, Magma, Storm Ventures, Naver Corporation, North Base Media, Line Corporation, Remagine Ventures, KDC Ventures, and Lyra Ventures.