Syte Closes $30M Series C Financing to Create the First-Of-Its-Kind Product Discovery Platform with Visual AI
Syte announced today $30 million in Series C funding and an additional $10 million in debt.
FREMONT, CA: Syte is the world’s first product discovery platform, announces today $30 million in Series C funding and an additional $10 million in debt. Viola Ventures led the round that brings Syte’s total funding to $71 million 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 KDC Media Fund.
From the beginning of 2020, Syte has grown 22 percent quarter-over-quarter alongside a 38 percent expansion of its customer base. Compounding its steady growth year-over-year since its founding in 2015, the onset of COVID-19 and the corresponding surge in eCommerce traffic have kindled a sweeping newfound interest in Syte, as brands and retailers worldwide world rapidly shift to prioritize eCommerce innovation.
Ofer Fryman, the CEO and Co-founder of, Syte commented that, in the new age of eCommerce, the brands and retailers, which creates genuinely individualized and memorable customer experiences would thrive, and their mission is to help them do so; the company’s prime focus for 2021 and beyond is to develop and get the 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 them the resources to execute this vision.
As many consumers experiments with online shopping for the first time and the rest branches out to new brands, eCommerce discovery has become paramount for customer acquisition and retention in the new normal. To harness this opportunity for the brands and retailers, Syte will use this funding round to enlarge its geographic reach and support its product offering. With much of their first customer base in Europe, the Middle East, and Africa, Syte will focus on expansion in the United States and Asia-Pacific.
Well known for their partnerships with the leading brands across the jewelry, apparel, and home decor verticals, including Signet Jewelers, Castorama, Farfetch, and Fashion Nova, Syte’s platform, which includes camera search, personalization, and recommendation engines, and eCommerce search and merchandising solutions have been proven to increase conversion by 177 percent on average.