Syte

Tel Aviv, 
Israel
http://www.syte-vc.com

• Booth: 95

Syte is the world’s first Product Discovery Platform for retail. We use visual AI to create intuitive search and discovery experiences for all types of shoppers.Our solutions include visual and text search, automated product tagging, personalized recommendation carousels, and more. They use unique data generated by visual AI to help shoppers find the most relevant products. Brands and retailers like Farfetch, PrettyLittleThing, Coleman Furniture, SHEIN, and Baycrew’s, partner with Syte to drive eCommerce revenue and build long-term customer loyalty.

 Press Releases

• Syte Acquires Top Visual Search Company Slyce to Expand North American Footprint (Nov 09, 2021)

  TEL AVIV, September 22, 2021 — Syte, the leading Product Discovery Platform for retail, today announced that it has acquired both the fashion and furniture segments of Slyce, a US-based visual search company that has integrated its technology into the apps and websites of more than 60 major retailers, including Abercrombie & Fitch, New Look, and Ashley Furniture HomeStore. 

  “This strategic acquisition allows Syte to leverage Slyce’s deep knowledge and experience in the North American market, establishing a powerful go-to-market group to support new and existing clientele”, said Ofer Fryman, Syte’s co-founder and Chief Strategy Officer who led the acquisition process. 

  Terms of the transaction were not disclosed.

  Syte saw a 43% year-over-year growth of North American customers between 2020 and 2021, and the acquisition of Slyce’s portfolio of fashion and furniture customers, combined with the company’s strong reputation in the North American retail and eCommerce markets, will further propel Syte’s sustained growth. Through this transaction, Syte will also have the ability to present a wider range of sophisticated product discovery solutions to Slyce’s fashion and furniture customers ahead of another unprecedented 2021 holiday shopping season. 

  “The acquisition of Slyce’s book of business is an important driver of growth for Syte as we scale our expansion into the US market. We believe our full-platform approach, combining visual discovery, searchandising, and personalization solutions, will drive performance for Slyce customers and new clients alike as we extend our services to leading North American brands and retailers,” said Vered Levy-Ron, CEO of Syte.

  “This is a pivotal era for eCommerce, and the Syte team is thrilled to position these businesses at the forefront of retail innovation with an integrated, hyper-personalized approach to online product discovery.”

  As brands increasingly welcome new and varied online shopping personas, and consumer expectations for personalized experiences continue to heighten as they rely more heavily on eCommerce, Syte is continuing to fill the gap created by siloed retail solutions with a holistic product discovery platform that goes beyond visual search to cater to all shopper styles. Shoppers are demanding comprehensive, connected experiences with diverse and personalized recommendations, and the acquisition of Slyce will allow Syte to bring this seamless eCommerce experience to North American consumers at scale.

  “We’re very excited for Slyce and Syte to join forces,” said Slyce CEO Ted Mann, who is helping lead the integration of the two businesses. “On top of the camera search solution that we’ve long-provided for Slyce customers, they will now have access to several new capabilities like automated product tagging, hyper-personalization, and Augmented Site Search, all powered by visual AI.”

  Read more about the acquisition on CX Today.

• Syte Launches First AI-Powered Product Discovery Platform, Yielding 177% Increase in eCommerce Conversion (Nov 09, 2021)

  TEL AVIV, March 25, 2021 -- Syte, the leading visual AI solution for eCommerce, announced today that it is bringing the entire product search and discovery experience under one roof for the first time ever. The platform will package together all of the company’s existing solutions -- from visual and site search to personalization to merchandising -- for a holistic approach to eCommerce product discovery that comes at a time when available industry solutions and tools are still overwhelmingly siloed.

   

  As the COVID-19-induced shift toward digital commerce continues, the ability to offer shoppers tailored, one-on-one experiences at scale is rapidly becoming the new battleground for brands. However, the online rush also revealed critical gaps in current eCommerce technology that make it challenging for brands to cater to a wide variety of shopper types and their unique online behaviors. 

   

  Syte’s product discovery platform enables brands and retailers to automatically create personalized journeys, introducing each unique

  shopper to the products they’re most likely to buy in the way they most prefer to shop. Goal-oriented consumers can use smart text and visual search functionalities, while inspiration-minded shoppers can navigate through product photos and recommendations, easily finding items that align with their aesthetic taste. These bespoke journeys are proven to increase online conversion rates by an average of 177% and average order value by 9.8%. 

   

  Online-only home decor retailer Coleman Furniture is among the early adopters of the product discovery platform. “We knew that to provide the customer experience our visitors are expecting, we needed to go above and beyond to make product discovery easy and personalized to each shopper's journey,” said the retailer’s Head of eCommerce, Michael Stein. 

   

  “Our need is to make it as simple as possible for customers to shop and find both products they are looking for and the products they want but didn't know existed. As soon as we partnered with Syte, customers could easily find products they love, and conversion and AOV increased significantly.” 

   

  All three of Syte’s product suites are based on proprietary visual AI technology, which uses two visual similarity algorithms to automatically categorize items within a brand’s catalogue and enrich product meta-tags. This process streamlines merchandising while building a robust database for site search, analytics, and personalization. 

   

  The suites themselves include the following solutions, all of which work together: 

  • Visual Discovery Suite: A set of tools, including image search and product recommendations, that use visual AI to help shoppers easily find items similar to any product they like within a brand’s website. 

  • Hyper-Personalization Suite: A set of personalization solutions and an agile API that combine real-time behavior with visual data to recommend the most relevant products for any given shopper. 

  • Searchandising Suite: Product tagging and eCommerce site search solutions that use visual AI to enrich product data and provide smart, accurate search results. 

   

  The solutions are managed and customized through a central console that provides full data visibility, deep analytics, A/B testing tools, as well as smart merchandising rules and ranking strategies. 

   

  “We’re pioneering the future of discovery with a unified platform -- something unheard of in this industry -- to enable brands to drive revenue through hyper-personalized, intuitive customer experiences,” said Syte CEO and Co-founder, Ofer Fryman. “Today’s shoppers expect every experience to be tailored to their unique needs and wants. We’re thrilled to enable exactly that throughout the entire product discovery journey.”

• Syte Product Discovery Platform Now Available on SAP® Store (Nov 09, 2021)

  TEL AVIV, October 13, 2021 — Syte, a leading provider of product discovery technology for the retail industry, today announced that its Product Discovery Platform is now available on SAP® Store, the online marketplace for SAP and partner offerings. The platform integrates with the SAP Commerce Cloud solution, enabling brands to leverage Syte’s visual and text search, product tagging, and product recommendation solutions to deliver data-driven product discovery experiences at scale. 

  The integration of Syte’s solution with SAP Commerce Cloud will grant customers access to previously unavailable visual-AI-powered search and discovery experiences, product catalog mapping, and deep product tagging. Syte’s Product Discovery Platform enables brands and retailers to provide personalized shopping experiences for every type of shopper by using visual AI to understand customers’ preferences, tastes, and context. Between June 2020 and June 2021, Syte customers using the company’s product discovery solutions have seen an average of 223% increase in average revenue per user, 2.9x conversion rate uplift, and 12.4% increase in average order value. 

  “We’re thrilled to be partnering with SAP to help brands and retailers connect shoppers with their ideal products by leveraging Syte’s unique visual AI technology,” said Vered Levy-Ron, CEO at Syte. “Both brands and shoppers can benefit tremendously from AI-powered solutions that change the game for merchandising and product discovery. This partnership is only the beginning of creating a best-in-class customer experience for shoppers.” 

  As the busiest shopping season of the year approaches, Syte’s partnership with SAP gives major brands and retailers the ability to tackle any merchandising and product discovery challenges they’re facing, and to present new opportunities to attract, convert, and retain holiday shoppers through comprehensive, connected customer experiences. The partnership also allows customers the ability to: 

  • Connect Shoppers with the Right Products. Enhance product discovery and the overall customer experience by making it intuitive and personalized.

  • Automate with Visual AI. Automatically enrich data infrastructure and improve accuracy and depth of catalog mapping, product tagging, and onboarding.

  Leverage Visual Data. Provide unique advantages

  • enabled by visual data, including improved searchability, enriched meta-data, hyper-personalization based on deep visual details of products, and more.

  • Optimize Business Performance. Improve performance, proven through year-over-year increases of average revenue per user, conversation rates, and average order value among Syte customers. 

  SAP Store, found at store.sap.com, delivers a simplified and connected digital customer experience for finding, trying, buying, and renewing more than 1,800 solutions from SAP and its partners. There, customers can find the SAP solutions and SAP-validated solutions they need to grow their business. And for each purchase made through SAP Store, SAP will plant a tree.

  Syte is a partner in the SAP PartnerEdge® program. As such, it is empowered to build, market, and sell software applications that supplement and build on SAP software and technology. The SAP PartnerEdge program provides the enablement tools, benefits, and support to facilitate building high-quality, disruptive applications focused on specific business needs – quickly and cost-effectively. The program provides access to all relevant SAP technologies in one simple framework under a single, global contract.

  ​​Any statements in this release that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. All forward-looking

  statements are subject to various risks and uncertainties described in SAP’s filings with the U.S. Securities and Exchange Commission, including its most recent annual report on Form 20-F, that could cause actual results to differ materially from expectations. SAP cautions readers not to place undue reliance on these forward-looking statements which SAP has no obligation to update and which speak only as of their dates.

  SAP and other SAP products and services mentioned herein as well as their respective logos are trademarks or registered trademarks of SAP SE in Germany and other countries. Please see https://www.sap.com/copyright for additional trademark information and notices. All other product and service names mentioned are the trademarks of their respective companies.

• Syte Closes $30M Series C Financing to Build First-Of-Its-Kind Product Discovery Platform With Visual AI (Nov 09, 2021)

  TEL AVIV, Israel, Oct. 21, 2020 /PRNewswire/ -- Syte, the world's first product discovery platform, announced today $30 million in Series C funding and an additional $10 million in debt. The round, which brings Syte's total funding to $71 million, was led by Viola Ventures with additional investments from LG Tech Ventures, La Maison, MizMaa Ventures, Kreos Capital, and existing investors Magma, Naver Corporation, Commerce Ventures, Storm Ventures, Axess Ventures, Remagine Media Ventures, and KDC Media Fund.

  Since the beginning of 2020, Syte has grown 22% quarter-over-quarter alongside a 38% expansion of its customer base. Compounding its steady year-over-year growth since its founding in 2015, the onset of COVID-19 and the corresponding surge in eCommerce traffic has kindled sweeping newfound interest in Syte, as brands and retailers around the world rapidly shift to prioritize eCommerce innovation.

  "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 Syte CEO and Co-founder, Ofer Fryman. "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."

  As many consumers experiment with online shopping for the first time and others branch out to new brands, eCommerce discovery has become paramount for customer acquisition and retention in the new normal. To harness this potential opportunity for brands and retailers, Syte will use this round of funding to expand its geographic reach and to support the growth of its product offering. With much of their early customer base in Europe, the Middle East, and Africa, Syte will focus on expansion in the United States and Asia-Pacific.

  Ronen Nir, General Partner at Viola Ventures, explained that product discovery has long been a challenge of even the biggest brands and retailers, and that problem is exacerbated online where shoppers can't see and touch products in the same way.

  "Syte built a platform that marries inspiration and innovation in such a way that it creates an enjoyable, personal, and easy-to-navigate experience for shoppers while solving the problem of product exposure and discoverability for brands -- something that has only become increasingly urgent in our new reality," 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. I'm already looking forward to the impact their continued innovation will have on the eCommerce industry."

  Known for their partnerships with leading brands across the jewelry, apparel, and home decor verticals, including Signet Jewelers, Farfetch, Castorama, and Fashion Nova, Syte's platform, which includes camera search, personalization and recommendation engines, and eCommerce search and merchandising solutions, has been proven to increase conversion by 177% on average.

  "We are thrilled to invest in Syte as it creates the 'Discovery Cloud' category. Its differentiated AI technology allows e-retailers to create intuitive and personalized shopping experiences by leveraging its market-leading product discovery platform," noted Anshul Agarwal, Managing Director of LG Technology Ventures. "The Syte team's strong execution has resulted in rapid growth and widespread interest from across the ecosystem. LG Technology Ventures is excited to partner with Syte and help the company grow to become an integral part of the future of retail, as eCommerce and digitalization trends accelerate quickly."

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