Syte, an Israeli visual AI startup, raises $30M Series C funding for the world’s first product discovery platform
It’s been a while since we covered Syte, a visual AI startup that powers image search for eCommerce. A lot has changed since we last wrote about Syte back in 2018. Back then, the Tel Aviv, Israel-based startup partnered with the luxury fashion platform Farfetch to launch the new in-app visual search feature on iOS.
Today, Syte announced it has raised $30 million in Series C funding and an additional $10 million in debt to propel product enhancements and geographic expansion for the eCommerce startup, enabling brands around the world to grow online revenue via product discovery.
The round, which brings Syte’s total funding to $71 million, was led by Viola Ventures with additional investments from LG Tech Ventures, La Maison, MizMaa Ventures, Kreos Capital, and existing investors Magma, Naver Corporation, Commerce Ventures, Storm Ventures, Axess Ventures, Remagine Media Ventures, and KDS Media Fund.
Founded in 2014 by Helge Voss, Idan Pinto, Lihi Pinto Fryman, and Ofer Fryman, Syte is a visual AI technology provider that improves retailer’s site navigation, product discovery, and user experience by powering solutions that engage and convert shoppers. With Syte, retailers can leverage shoppers’ inspiration and existing product interest to ensure they present the right products at the right time. Syte.ai, encompasses many verticals, providing solutions for retailers, publishers, influencers, and consumers.
Syte team believes in using the power of images to empower users to search simply by tapping on any given image. Our daily life is consumed by images from our favorite retailers, eCommerce websites to social media. Our deep-learning algorithm automatically extracts every layer of an image, transforming any image into shoppable, without any tags, text, or manual work and that is what makes Syte.ai so unique.
Since the beginning of 2020, Syte has grown 22% quarter-over-quarter alongside a 38% expansion of its customer base. Compounding its steady year-over-year growth since its founding in 2015, the onset of COVID-19 and the corresponding surge in eCommerce traffic has kindled a sweeping newfound interest in Syte, as brands and retailers around the world rapidly shift to prioritize eCommerce innovation.
“In the new age of eCommerce, the brands and retailers that create truly individualized and memorable customer experiences will thrive, and our mission is to help them do so,” said Syte CEO and Co-founder, Ofer Fryman. “Our focus for 2021 and beyond will be to develop and acquire solutions that create product discovery experiences spanning the full range of our senses — visual, text, voice, and more — with an end-to-end platform that leverages visual AI and next-generation personalization across the board. This investment gives us the resources to execute this vision.”