Israel’s Syte Raises $30 Mn In Series C Round Led by Viola Ventures and LG Technology Ventures

Israeli startup Syte, a product discovery platform, announced that it has raised $30 million funding in Series C round led by Viola Ventures and LG Technology Ventures. Others such as La Maison, MizMaa Ventures, Kreos Capitaland existing investors Magma, Naver Corporation, Commerce Ventures, Storm Ventures and Axess Ventures participated in the round.

This funding has come almost after a year when the startup raised $21.5 million in a Series B round led by Viola Ventures. Latest capital infusion pushes the total funding raised to $71 million.

The company in a statement said that it will be using the fresh capital to scale their product discovery platform by developing and acquiring additional technologies that connect shoppers with their ideal products using senses—visual, voice, text, and more.

Apart from this the company will also continue to work on hyper-personalization engine, which will combine traditional algorithms with visual artificial intelligence to provide individualized recommendations based on shoppers’ visual tastes.

The five-year-old startup also aims to continue expanding into North America throughout 2021.

The visual search and product discovery platform, according to Techcrunch, already works with leading brands such as Farfetch and Fashion Nova, Signet Jewelers and Castorama.

Speaking about the startup, Ofter Fryman, chief executive officer and co-founder of Syte, said, “We have reached this point by honing industry-leading technology that enables brands and retailers to create intuitive and delightful experiences. Now, we are grateful for the opportunity to use the new funding to take those experiences to the next level.”

He further said he is grateful to his team, customers,brands, and retailers for the success of the company.

Commenting on the investment, Viola Ventures partner Ronen Nir said, “Syte’s growth is a testament to their second-to-none technology, their forward-thinking team, and their laser-sharp focus on customer experience.”