Syte, the Israel-based operator of an online product discovery platform, received $30m on Wednesday in a series C round featuring corporate investors LG, Naver and KDS Media.
Venture capital firm Viola Ventures led the round, which included internet group Naver, electronics manufacturer LG and marketing agency KDS, the last two investing through LG Tech Ventures and KDS Media Fund.
La Maison, MizMaa Ventures, Magma VC, Kreos Capital, Commerce Ventures, Storm Ventures, Axess Ventures and Remagine Media Ventures filled out the equity portion of the round, which was secured alongside $10m in debt financing.
Syte is the creator of a product discovery platform that incorporates camera and augmented site search technology as well as personalisation and intelligent in-store tools. It said it has grown its customer base 38% this year as coronavirus-related social distancing boosts e-commerce activity.
The company raised $8m in a 2017 series A round led by Naver’s NHN Investment Corporation that included Naver as well as its Line subsidiary, in addition to KDC Ventures, which was launched by production company Dick Clark Productions and broadcaster Keshet.
Magma VC, Remagine and NBM Ventures also took part in the 2017 round, returning for a $21.5m series B in September 2019 led by Viola Ventures and also backed by Naver, Line, NHN Ventures, KDC Ventures, Storm Ventures, Commerce Ventures and AxessVentures.
Anshul Agarwal, managing director of LG Technology Ventures, said: “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 personalised shopping experiences by leveraging its market-leading product discovery platform.
“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 e-commerce and digitalisation trends accelerate quickly.”
