Israeli startup Syte.ai, which has developed a visual search engine for fashion products, has raised $8 million in a Series A financing round led by NHN Ventures, and with the participation of Naver Corp., Line Corp., Magma VC, Remagine VC, KDC Ventures and NBM Ventures.
The company combines Artificial Intelligence (AI) and fashion by developing visual search algorithms to enhance customers’ shopping experience. Syte.ai’s product provides a user experience specific to the needs of the retailers and publishers’ sites, enabling users to find the best fashion matches and complete their look.
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Syte.ai plans to use the money for marketing and growth in the U.S., Europe, and Asia Pacific, where the company hopes to sign up large fashion publishers and retailers.
Based in Tel Aviv Syte.ai was founded in 2015 by CEO Ofer Fryman, CTO Dr Helge Voss, COO Idan Pinto, and CMO Lihi Pinto Fryman. The company’s first product, glamix, is an AI personal fashion assistant designed to create a seamless shopping experience for consumers. Syte.ai’s second product is an AI visual search fashion platform exclusively for retailers and publishers to assist online shoppers in finding their desirable look.
It all started when CMO Lihi Pinto Fryman who was working in London as an investment banking, has seen a red dress in Vogue that she wanted but was unable to find it online.
She told Techcrunch: I said to my husband (CEO Ofer Fryman), how can it be that in 2014 I see a dress that I really like and can’t just tap it and get it?”
Woo Kim, managing director, and partner of NHN Investment said In a statement, that many search solutions have delivered disappointing results.
“It was largely because such below-average image search results were driven by essentially the same deep learning approach, and the only differentiation was how many sample images you have to train your database,” he added. “Syte.ai’s unique approach of redefining how machines understand images is simply ground-breaking innovation. We believe that Syte.ai will disrupt the way industry adopts image search technology.”
