Singapore-based visual technology developer ViSenze has closed a $10.5m series B round co-led by Rakuten Ventures, the corporate venturing division of internet company Rakuten.
Venture capital firms WI Harper Group and Enspire Capital co-led the round. Publisher Singapore Press Holdings’ strategic investment vehicle, SPH Media Fund, and financial services provider United Overseas Bank’s investment arm, UOB Venture Management, also took part.
FengHe Fund Management, Raffles Ventures Partners and Philip Private Equity also contributed money to the series B round.
Founded in 2012, ViSenze is a spinout of National University of Singapore that uses machine learning and computer vision technology to produce visual search and image recognition products aimed at the e-commerce and publishing sectors.
The technology can be used, for example, to advertise similarly looking products to the one at which a user is looking. ViSenze has attracted a range of online marketplaces as clients, including Rakuten’s Ichiba offering, as well as Asos, Lazada and Essilor.
ViSenze will put the money towards further development of its technology. The cash will also drive recruitment across the R&D team, help boost the company’s presence in the US and India, and support an expansion into the UK and China.
Rakuten previously led the company’s $3.5m series A round in 2014 with participation from UOB Venture Management and Walden International.
Saemin Ahn, managing partner of Rakuten Ventures, said: “ViSenze has achieved impressive market traction with their ground-breaking artificial intelligence technology in the e-commerce space.
“With their innovation DNA, they are developing new solutions, bringing simplified shopping experiences on digital content platforms. Their new solutions for video commerce have huge potential too. We are very excited to continue investing in ViSenze and lead their series B round.”