Israel-based visual search technology developer Syte has attracted $21.5m in a series B round featuring messaging app developer Line, internet company Naver and the latter’s NHN Ventures unit.
Venture capital firm Viola Ventures led the series B round, which included KDC Ventures – a fund launched by broadcaster Keshet and television producer Dick Clark Productions – as well as Magma VC, Remagine VC, NBM Ventures, Storm Ventures, Commerce Ventures and AxessVentures.
Founded in 2015, Syte has developed artificial intelligence-powered technology that is used mainly by fashion retailers to help consumers find products on their e-commerce platforms, based on visual resemblances to pictures taken on the users’ mobile devices.
The capital brought Syte’s overall funding to $30m and will be put towards enriching the service’s personalisation features, which include tailored recommendations and deep AI tagging.
Naver subsidiary NHN led the company’s $8m series A round in mid-2017, which also featured Naver itself, Line, KDC Ventures, Magma VC, Remagine VC and NBM Ventures.