Syte, the visual search and product discovery platform, announced recently that it has secured a funding of US $ 30 million Series C, with an additional US $ 10 million in debt.
The amount will be utilised to help execute its expansion plan in the United States and Asia-Pacific region.
The investment was led by Viola Ventures, and several others including LG Tech Ventures, La Maison, MizMaa Ventures, Kreos Capital and returning investors Magma, Naver Corporation, Commerce Ventures, Storm Ventures, Axess Ventures, Remagine Media Ventures and KDS Media Fund.
The Syte launched in 2015 is a visual AI company that helps retailers enhance the product discovery for the customers and includes recommendations.
It promises to increase the conversion by 177 per cent on average. The company reported a growth of 38 per cent in its customer base since the beginning of 2020 partly because of the increase in traffic on e-commerce.
Ofer Fryman, CEO and Co-founder, Syte will further work on acquisition of product discovery technology to include full range of senses — visual, text, voice, and more for delivering more personalised recommendations.
Syte Visual discover platform delivers 95 per cent accuracy in object-matching within less than a second. The solution has been trained with advanced algorithms on millions of products from vendors around the world.
The last round of funding was a US $ 21.5 million Series B, received in September 2019 and the start-up now has raised a total of US $ 71 million.