Lily AI announces $25 million Series B funding round
Lily AI has closed a $25 million Series B financing round with participation from the likes of Canaan Partners, Conductive Ventures, Sorenson Ventures and NEA.
The company has developed an AI powered platform that connects a retailer’s or brand’s shoppers with products they might be looking to buy.
With clients including Bloomingdale’s, The Gap, Macy’s, and thredUP, it will use the new funding to further expand into mid-market retail e-commerce brands across home, beauty and fashion.
The company also plans to extend its solution to further applications within the retail stack.
“Retailers that invest in understanding how to accurately connect their shoppers with the relevant products they’re looking to buy set themselves up for increased conversion, larger order sizes, and a future in which those shoppers return to their e-commerce sites time and again,” says Purva Gupta, Lily AI Co-founder and CEO.
“That’s why we founded Lily AI, and the reason we have seen exponential growth within the retail industry.”
“I am excited that our investors see, as our customers do, that providing a customer-centered language for the entire retail stack is now a foundational, core layer to power modern retail.”
"At Canaan, we seek out leaders capable of redefining a sector, and Purva Gupta and Sowmiya Narayanan are just that. Under their leadership, Lily AI has developed a world class, scalable platform that's reinventing modern retail," says Maha Ibrahim, general partner, Canaan.
"Lily AI has proven the power of product attribution in empowering shoppers, boosting conversions, and increasing revenues for some of retail's most admired brands. We're excited to see what's next."
