Syte.ai, a visible hunt startup only for fashion, closes $8M Series A


Syte.ai, a visible hunt startup focused on conform products, announced that it has lifted an $8 million Series A. The lead financier is NHN Ventures (the investment arm of Korean internet services hulk NHN), with appearance from Naver Corp., messaging app Line Corp., Magma VC, Remagine VC, KDC Ventures, and NBM Ventures.

Co-founder and CMO Lihi Pinto Fryman was operative as an investment landowner in London when a red dress in Vogue held her eye. She attempted to find a identical one online, yet couldn’t.

“I pronounced to my husband, how can it be that in 2014 we see a dress that we unequivocally like and can’t usually daub it and get it?” she told TechCrunch. The dual started looking during ways to build a improved visible hunt engine and in 2015 teamed adult with CTO Dr. Helge Voss and COO Idan Pinto to launch Syte.ai (Lihi’s husband, Ofer Fryman, a former comment executive during Hewlett-Packard, is CEO).

Syte.ai’s Series A will be used for selling and expansion in a U.S., where it hopes to pointer adult vast conform publishers and retailers. Of course, with Syte.ai’s new register of investors, it’s satisfactory to assume that it will also demeanour for deals in Asia. Fryman declined to speak about intensity partnerships, yet pronounced Syte.ai’s new Asian backers, including NHN and Line, have been “searching for a while to find a many accurate deep-learning record that can make images shoppable.”

In a prepared statement, Woo Kim, handling executive and partner of NHN Investment, pronounced that many next-generation hunt solutions have delivered unsatisfactory formula so far.

“It was mostly since such below-average picture hunt formula were driven by radically a same low training approach, and a usually split was how many representation images we have to sight your database,” he added. “Syte.ai’s singular proceed of redefining how machines know images is simply ground-breaking innovation. We trust that Syte.ai will interrupt a approach attention adopts picture hunt technology.”

Syte.ai’s founders have spent a final 3 years building a deep-learning algorithms, that Fryman describes as “building a overpass between production and fashion.” Fryman says Syte.ai is opposite from a competitors since a low learning-based hunt engine focuses usually on conform products, even yet there are other verticals, such as home decor, where visible hunt is also in demand. Its categorical business are hunt collection for online publishers and retailers, yet it also has several consumer products, including a Chrome prolongation called Fashion Lover, and Glamix, a chatbot.

The startup is usually one of several that are rebellious visible hunt as online businesses try to revoke their dependency on ensign ads and find ways to monetize that are improved matched to mobile screens. Other companies in a same space embody Slyce, Clarifai, and Visenze, that is itself saved by another one of Asia’s heading Internet firms, Rakuten.

“The reason we chose conform is since it’s so tough to recognize,” says Fryman. “Think about your top. It looks totally opposite if we are wearing it, or if it’s on a hanger, or in a catalog, or if we are walking on a red runner or sitting down. It’s tough to learn a appurtenance it’s a same item.”

After a site integrates Syte.ai’s hunt technology, users can float their cursor over an object in a print and automatically get formula for identical products that are on sale. For publishers, including conform blogs and magazines, Syte.ai displays equipment from a operation of stores and cost points to boost a chances that a user will click on during slightest one result. The association monetizes by pity income with publishers and charging e-commerce stores a subscription fee.

One of a categorical captivate for online stores is that Syte.ai’s hunt engine can assistance business find choice equipment if what they wish is out of stock. According to a investigate by IHL Group, “out-of-stocks” cost retailers about $634.1 billion a year. It also helps sites spin over “indexed” inventory, or equipment ignored by business since they aren’t on a front page (at incomparable sellers, this can potentially be hundreds of items). Visual hunt is generally essential for mobile shopping, where business wish to see as many formula displayed as fast as probable on their tiny screens. Once Syte.ai perfects visible hunt for fashion, Fryman says, it will pierce onto other verticals.

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Posted by on Jul 18 2017. Filed under NEWS. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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