Nabilah Safira
TechInAfrica – As visual search becoming a key component for discovering a certain product in online shopping, Syte, a Tel Aviv startup that works with fashion retailers like Farfetch and River Island, has raised a round of funding to expand its business further into the US through the digital platform and physical commerce. The Series B funding was led by Viola Ventures with Storm Ventures, Commerce Ventures, Axess Ventures, and Remagine Ventures participation. The raised funding up to an amount of $21.5 M. Now the company has a total raise of $32 M, with its 2017 round included. While Syte doesn’t disclose the valuation, it projects a 300% revenue growth in 2019.
Visual search works by using computer vision to ‘read’ a picture, which then matched up with its metadata, and it will find pictures of products with similar qualities. Lihi Pinto Fryman, Syte’s CMO who co-founded the company in London with husband Ofer Fryman, Idan Pinto and Dr. Helge Voss, said in an interview that the company spent 3 years to develop this technology.
Ronen Nir, the general partner at Viola Ventures, said: “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. 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 approaches the visual search feature by engaging shoppers during the search process. Users can snap pictures of items that they like, which can then be used on a retailer’s site to find similar items. The retailer can integrate Stye’s feature into their platforms using an API. Ofer Fryman stated, “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.”
Source: Techcrunch.com
