Syte closes major Series B funding round
Syte, an Israeli artificial intelligence tech startup that powers visual search for the likes of M&S and boohoo, has raised $21.5 million in a Series B round led by Viola Ventures. This brings its total funding to $30 million.
"We have a vision to transform product discovery, and thus the e-commerce experience, for both retailers and consumers. 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,” says Syte’s Co-Founder and CEO, Ofer Fryman.
"For us, the validation of our technology and product development has come from our clients, who have selected us 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."
The company opened a New York office in July and plans to establish a San Francisco location later this year. It is also looking to hire 70 new team members for 2020 in its US and Tel Aviv offices. “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.”