Join our Waitlist for Expert Advice!

Israel's Syte Raises $30 Mn In Series C Round Led by Viola Ventures and LG Technology Ventures The company apart from scaling its platform will also continue to expand in North America throughout 2021

By Debarghya Sil

You're reading Entrepreneur Asia Pacific, an international franchise of Entrepreneur Media.

Pixabay
Representational

Israeli startup Syte, a product discovery platform, announced that it has raised $30 million funding in Series C round led by Viola Ventures and LG Technology Ventures. Others such as La Maison, MizMaa Ventures, Kreos Capital and existing investors Magma, Naver Corporation, Commerce Ventures, Storm Ventures and Axess Ventures participated in the round.

This funding has come almost after a year when the startup raised $21.5 million in a Series B round led by Viola Ventures. Latest capital infusion pushes the total funding raised to $71 million.

The company in a statement said that it will be using the fresh capital to scale their product discovery platform by developing and acquiring additional technologies that connect shoppers with their ideal products using senses—visual, voice, text, and more.

Apart from this the company will also continue to work on hyper-personalization engine, which will combine traditional algorithms with visual artificial intelligence to provide individualized recommendations based on shoppers' visual tastes.

The five-year-old startup also aims to continue expanding into North America throughout 2021.

The visual search and product discovery platform, according to Techcrunch, already works with leading brands such as Farfetch and Fashion Nova, Signet Jewelers and Castorama.

Speaking about the startup, Ofter Fryman, chief executive officer and co-founder of Syte, said, "We have reached this point by honing industry-leading technology that enables brands and retailers to create intuitive and delightful experiences. Now, we are grateful for the opportunity to use the new funding to take those experiences to the next level."

He further said he is grateful to his team, customers, brands, and retailers for the success of the company.

Commenting on the investment, Viola Ventures partner Ronen 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."

Debarghya Sil

Entrepreneur Staff

Former Correspondent

Side Hustle

I Made $14,000 in 1 Week With a Spontaneous Halloween Costume Side Hustle — Here's How

Sabba Keynejad was in art school when he started to refine his entrepreneurial skills.

News and Trends

Google Upgrades Gemini with New Features To Encourage Switch from Google Assistant

The upgrades include Gemini extensions, simple on-screen prompt and lock screen

Business News

Meta Fires Employee Making $400,000 Per Year Over a $25 Meal Voucher Issue

Other staff members were fired for the same reason, per a new report.

Thought Leaders

These 3 Trends Will Change What It Means to Be an Entrepreneur in 2025

Here are three entrepreneurship trends from the new Global Entrepreneurship Monitor report that are changing the landscape for the future.

Management

8 Things I've Learned From Running a Fully Remote Company

Leading fully remote teams requires unique strategies, including fostering trust, supporting effective communication, and maintaining personal connections.

Business News

This Is the Goal-Setting Method Shohei Ohtani Learned in High School That Helped Get Him to the World Series

The MLB superstar's success did not come as a surprise to him. He had a plan.