London, September 09.09.19: Syte, the leading visual AI technology company known for powering visual search for some of the world’s largest eCommerce companies, announced today that it has raised $21.5 million in Series B funding led by Viola Ventures and joined by high profile investors, Storm Ventures, Commerce Ventures, and Axess Ventures. All previous investors also participated in the round, bringing Syte’s total funding to $30 million to date.
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. The company’s roster of clients includes Farfetch, Marks & Spencer, boohoo, and Tommy Hilfger.
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. With this round of funding, the company plans to further extend their offering to include Visual AI powered personalization.
Syte’s founding team includes Ofer Fryman, Lihi Pinto Fryman, Idan Pinto and Dr. Helge Voss who’s diverse backgrounds spanning from wealth management to machine learning have contributed to Syte’s hyper growth.
“We have a vision to transform product discovery, and thus the eCommerce experience, for both retailers and consumers.” says Syte’s Co-Founder and CEO, Ofer Fryman. “That vision is what has led us since we founded Syte, and it is what continues to lead us as we enter this stage of hyper-growth. For us, the validation of our technology and product development has come from our clients, who have selected Syte to help them stay competitive in the fast-evolving retail industry. With this round we look forward to expanding our product offering in order to support our clients in more aspects of their digital innovation.”
These developments are already well underway. Syte reports it has opened its New York City office this past July and will establish a San Francisco location later this year. The company is also planning to hire 70 new team members for 2020 in their US and Tel Aviv offices to support their growing clientele and facilitate their anticipated 300% revenue growth in the coming year.
“Rarely do we find companies that have managed to solve a technological problem that tech giants have been working for years to solve without success,” says Ronen Nir, General Partner at Viola Ventures. “The feedback from the market is clear and swift and the rate of adoption of Syte’s solution is unparalleled. We are excited to lead a significant funding round that would be able to take the company to the next level.”
Syte is a Visual AI technology provider that empowers retailers to tap into the personal inspiration of individual shoppers and deliver the right products at the right time, using the most accurate artificial intelligence on the market. Founded in 2015, Syte developed the camera feature for leading brands such as Farfetch, Marks & Spencer, boohoo, Tommy Hilfger, and numerous others, leveraging partnerships with technology innovators, including Microsoft, and SAP. To date, the company has raised $30 million from investors including Viola Ventures, Storm Ventures, Commerce Ventures, Axess Ventures, NHN Ventures, Magma, Naver Corporation, Line Corporation, Remagine Ventures, North Base Media, KDC Ventures and Lyra Ventures.
About Viola Ventures
Viola Ventures is part of Viola, Israel’s leading tech-focused investment group with over $3B AUM. Founded in 2000, Viola Ventures empowers early stage start-ups to become global leaders. The fund manages over $1B and has backed some of Israel’s unicorns such as Payoneer, Lightricks, Outbrain and ironSource. Check out Viola at www.viola.vc
- What was the total amount raised?
Syte raised a total of $21.5 million USD in Series B Funding.
- Who was the lead investor?
Viola Ventures led this round.
- What other investors participated in the round?
Storm Ventures and Commerce Ventures also participated in this Series B round.
- What will the funding be used for?
The funding will be used to facilitate hyper-growth in the US, Europe, and Asia. We plan to scale our business in these areas, with a significant focus on the research and development of our visual AI, as well as personalization product development.
- Is the company opening any new offices?
Syte recently opened a New York office. We plan to expand that office and also open a San Francisco location.
- How many hires is Syte expected to make this year?
Syte will make approximately 70 new hires will be made this year, across Israel and the United States.
- What are the growth projections for 2020?
We plan to grow our customer base 4x by focusing on enterprise and SMEs, strengthening current relationships and building new ones.