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Product Discovery Platform Raises $40 Million in Funding and Debt

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Syte has raised $30 million in Series C funding and an additional $10 million in debt in a round that brings the solution provider’s total funding to $71 million. The product discovery solution provider will use the funding to expand its geographic reach, with a focus on expansion in the U.S. and Asia-Pacific.

The Syte platform includes features such as camera search, personalization and recommendation engines, and ecommerce search and merchandising solutions. Retailers utilizing the technology include Signet Jewelers, Farfetch, Castorama and Fashion Nova.

“In the new age of ecommerce, the brands and retailers that create truly individualized and memorable customer experiences will thrive, and our mission is to help them do so,” said Ofer Fryman, CEO and Co-founder of Syte in a statement. “Our focus for 2021 and beyond will be to develop and acquire 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 us the resources to execute this vision.”

The funding round was led by Viola Ventures, with additional investments from LG Tech Ventures, La Maison, MizMaa Ventures and Kreos Capital. They were joined by existing investors Magma, Naver Corporation, Commerce Ventures, Storm Ventures, Axess Ventures, Remagine Media Ventures and KDC Media Fund.

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