What is Syte?
Syte specializes in visual AI technology designed to revolutionize how retailers engage and convert shoppers. By leveraging shoppers' inspiration and existing product interest, Syte powers solutions that improve site navigation, product discovery, and overall user experience. Their technology ensures that retailers present the right products at the right time, a critical factor in today's competitive e-commerce landscape. Strategic partnerships with major technology innovators like Microsoft and SAP, along with integrations into leading phone manufacturers such as Samsung, have solidified Syte's market leadership. The company, founded in 2015 with product launch in late 2017, has experienced rapid expansion, operating from headquarters in Tel Aviv and offices in New York, London, and Geneva. Notable brands currently utilizing Syte's platform include Conforama, Farfetch, Marks & Spencer, boohoo, and Argos.
How much funding has Syte raised?
Syte has raised a total of $69.5M across 4 funding rounds:
Series A
$8M
Series B
$21.5M
Series C
$30M
Debt
$10M
Series A (2017): $8M with participation from North Base Media, NAVER, Magma Venture Partners, and LINE
Series B (2019): $21.5M led by Axess Ventures, Storm Ventures, Commerce Ventures, and Viola Group
Series C (2020): $30M supported by Kreos Capital, LG Tech Ventures, Viola Group, La Maison, and MizMaa Ventures
Debt (2020): $10M, investors not publicly disclosed
Key Investors in Syte
North Base Media
North Base Media is a boutique investment firm dedicated to building high-quality media that serves communities and consumers globally, capitalizing on the rapid evolution of media from print and broadcast to digital and mobile.
NAVER
NAVER is a South Korean internet conglomerate that operates a search engine of the same name, providing a wide range of online services including news, email, and e-commerce.
Magma Venture Partners
Magma Venture Partners is a venture capital firm focused on investing in innovative startups, particularly in Israel, providing capital and strategic guidance to help them grow their businesses.
What's next for Syte?
The recent major strategic investment signals a new phase of growth and development for Syte. This capital infusion is expected to fuel further innovation in visual AI technology, potentially expanding its applications across more retail channels and enhancing its predictive capabilities for consumer behavior. Syte's focus on improving online shopping experiences through AI-driven product discovery positions it for continued success in the rapidly evolving e-commerce sector. Future developments may include deeper integration with emerging retail technologies and further global market penetration, building upon its established presence and partnerships.
See full Syte company page
