Syte, an e-commerce visual search platform, gets $30 million Series C to expand in the U.S. and Asia

Syte’s cofounders, chief executive Ofer Freyman, chief revenue officer Lihi Pinto-Fryman and chief operating officer Idan Pinto

Syte’s cofounders, chief executive Ofer Freyman, chief revenue officer Lihi Pinto-Fryman and chief operating officer Idan Pinto

Tel Aviv-based visual search and product discovery platform Syte, already used by brands like Farfetch and Fashion Nova, plans to expand in the United States and Asia-Pacific region after its latest funding. The startup announced today it has raised a $ 30 million Series C, with an additional $ 10 million in debt.

The round was led by Viola Ventures, with participation from LG Tech Ventures, La Maison, MizMaa Ventures, Kreos Capital, and returning investors Magma, Naver Corporation, Commerce Ventures, Storm Ventures, Axess Ventures, Remagine Media Ventures and KDS Media Fund. Syte’s last round of funding, a $ 21.5 million Series B, was announced in September 2019. The startup has now raised a total of $ 71 million.

Launched in 2015 to focus on visual search for clothing, Syte’s technology now covers other verticals like jewelry and home decor, and is used by brands including Farfetch, Fashion Nova, Castorama and Signet Jewelers. Syte says that its solutions can increase conversion by 177% on average.

The company’s platform includes three main products: Visual Discovery to let brands add camera search, recommendation engines and discovery buttons; “Searchendising,” which automatically generates tags based on visual AI to improve search and recommendation results; and a Discovery Marketplace used by publishers, smart devices manufacturers and social platforms to increase the reach of product advertisements.

Since the beginning of 2020, Syte says its customer base has grown 38%, partly because of the increase in e-commerce traffic caused by COVID-19 movement restrictions.

In the company’s press announcement, chief executive officer and co-founder Ofer Fryman said Syte will focus on developing or acquiring product discovery technology “spanning the full range of our senses—visual, text, voice, and more” to create types of personalized recommendations.

A lot of Syte’s current customers are in Europe, the Middle East and Africa, so its new funding is also earmarked to increase its presence in the U.S. and Asia-Pacific markets.

More social media platforms and e-commerce platforms, including Amazon, Target, IKEA, Walmart, eBay, Snap, and Pinterest, are using visual search and recognition technology to give users an alternative to keyword searches. By simplifying the search process or automatically generating tags, visual recognition technology can help improve search results and product recommendations, resulting in more conversions.

There is a roster of other companies that are also working on AI-based visual recognition and search technology for e-commerce. Other startups in the same space that have raised venture capital funding include Donde Search, ViSenze and Slyce.

Gal Fontyn, Syte’s vice president of marketing, told TechCrunch that it differentiates with visual AI algorithms developed by co-founder and chief technology officer Helge Voss, who previously worked as a physicist at CERN (the European Organization for Nuclear Research).

Voss’ background in neural networks and machine learning allowed Syte to build a visual search solution that can produce results with over 95% accuracy in object-matching within less than a second, Fontyn said. Its algorithms have also been trained on millions of products from vendors around the world, which Syte claims gives it the “largest vertical-specific lexicon in the industry.” This is what allows it to recognize several objects within an image, and assign them detailed tags.

Brands that use Syte see a 423% increase on average on ROI, Fontyn added.

Startups – TechCrunch

Call analytics platform Invoca expands into sales, e-commerce and customer experience

Invoca, which helps companies extract and use data from customer phone calls, is expanding today with the launch of products for e-commerce, customer experience and sales teams, as well as a new Invoca Exchange, where businesses can find all of the platform’s third-party integrations.

The company is making these announcements as part of its virtual Invoca Summit. Ahead of the event, CEO Gregg Johnson (previously an executive at Salesforce) told me that customers have been asking Invoca to expand beyond its previous focus on providing “conversation intelligence” to marketing teams.

“‘We need to get aligned on how we support the revenue journey,’” Johnson recalled businesses telling him. “We were already going down this path, but when COVID hit, we tripled down on it.”

He argued that the data that Invoca provides has become even more important during the pandemic and related lockdowns, when businesses only had “two sources of feedback” — digital interactions and customer conversations. And while there are plenty of analytics tools for tracking online behavior, Johnson said, “Customer conversations are really important because they get at why” people are behaving in a certain way.

And at the same time, Johnson said call center teams have had to shift to working at home, which meant that they had to switch to online software and “everything broke,” while supervisors “no longer had any visibility into how agents were performing.”

Invoca platform

Image Credits: Invoca

Invoca is trying to address these issues by making sure that marketing, sales, customer experience and e-commerce teams all have access to the same call data.

For example, he said that agents at Invoca customer BBQGuys need data to understand what products to recommend for their customers if the specific grill that they want isn’t available. Or a healthcare provider might use call data to predict and prepare when COVID cases might be rising in their area.

“We’ve always viewed ourselves as an application and a platform,” Johnson added. “We already give you ability to use this data at Invoca to automatically apply these insights without any human intervention at all. So for us, we thought through use cases to feed this data into other tools and created four solutions … that are really joined at the hip.”

Invoca for eCommerce, Invoca for Customer Experience and the existing Invoca for Marketing product are all available now, while Invoca for Sales is currently signing up beta testers for November.

The Invoca Exchange, meanwhile, already includes more than 40 integrations, including Google, Salesforce, Facebook, Adobe, Tealium, and Five9. The company is also announcing new partnerships with FullStory and Criteo.

 

Startups – TechCrunch

Led by e-commerce vets, stealthy startup Fabric raises $9.5M to help brands compete with Amazon – GeekWire

Led by e-commerce vets, stealthy startup Fabric raises $ 9.5M to help brands compete with Amazon  GeekWire
“startups when:1d” – Google News

Size matters: German ecommerce company acquires Swiss mobile body scanning developer Fision

ecommerce

The global virtual fitting room market size was valued at $ 2.44B (approx €2.08B) in 2019 and is projected to reach $ 10B (approx €8.5B) by 2027, exhibiting a CAGR of 20.1% during the forecast period.

Due to the COVID-19 outbreak, the footfalls at the physical stores have been reduced substantially and sales have dramatically declined. Most consumers favor online shopping, resulting in a strong demand for e-commerce platforms. This, in turn, is expected to increase the growth of the virtual fitting room market size.

In a recent development, a German e-commerce giant Zalando has acquired Zurich-based software company Fision for an undisclosed amount. This development should allow both shoppers and brands to determine clothing sizes more precisely and reduce the number of returns.

The Fision team will continue to be based in Zurich while fully integrating with Zalando. The investment underscores Zalando’s commitment to one of its key markets, Switzerland. 

The ecommerce company also opened up an additional talent venue in Zurich – one of Europe’s technology hotspots. Its ambition is to build up a new tech hub in Zurich, growing the site to more than 150 jobs over time.

Meepls

Founded in 2015, Fision has developed technologies that generate accurate 3D virtual bodies and clothing models on its platform ‘meepl’.

According to the company, its app uses visual computing and artificial intelligence to allow customers to discover their body measurements and create personalised 3D body profiles, personal meepls. It requires a smartphone or a tablet to get started, utilising two images of the body, height and gender. As an alternative to the 3D body scan, meepl provides the option to create a 3D body profile using only 4 attributes (height, gender, age, and weight) that allows easy and fast size recommendation anywhere.

Fision AG was founded by a team of ETH Zurich graduates in engineering with the vision to enhance the customer journey of online shoppers and to reduce the cycle of waste in the industry.

Solving a problem in the fashion industry 

Fision was founded with the vision to enhance the customer journey of online shoppers and to reduce the cycle of waste in the industry. “Customers will get size advice earlier in their relationship with Zalando. At the same time, we can create a feedback loop between brands and consumers designed to drive customer loyalty and in the long run reduce waste,” says Stacia Carr, Zalando’s Director of Engineering – Size and Fit.

According to Zalando, one of the biggest challenges the fashion industry faces is helping customers find the right fit the first time.

Sizing systems across categories, regions, and brands vary dramatically, creating confusion and unnecessary returns for customers. The ecommerce firm claims to help by using the purchase and returns history to provide size advice on 50 percent of all items ordered. 

As per Zalando, Fision’s technology integration into its platform will take size advice to the next level: from one based on fit feedback and garment measurements to one that is more personalised using both garment and body measurements.

Solving the problem of size and fit represents a huge potential to transform fashion e-commerce for the benefit of both customers and brands. Customers will be able to generate precise body measurements which they can use to receive even more accurate size advice, and purchase items they know will fit.

“Brands, for the first time, can gain a deeper understanding of how well their assortment addresses the size and fit needs of a target audience which in the long run will enable them to produce better fitting garments.

About Zalando

Zalando is an online platform for fashion and lifestyle. Founded in Berlin in 2008 by David Schneider, Rocket Internet, and Robert Gentz, the company has more than 34 million active customers in 17 markets, offering clothing, footwear, accessories, and beauty products. The platform’s goal is to become the starting point for fashion.

Image credits: Zalando

Startups – Silicon Canals

MarTech Startup, edrone, Secures Funding of USD 5.3 Million to Fuel Their Ambitions of Becoming One-Stop-Shop for E-Commerce – MarTech Series

MarTech Startup, edrone, Secures Funding of USD 5.3 Million to Fuel Their Ambitions of Becoming One-Stop-Shop for E-Commerce  MarTech Series
“startups when:1d” – Google News

Size matters: German ecommerce company acquires Swiss mobile body scanning developer Fision

ecommerce

The global virtual fitting room market size was valued at $ 2.44B (approx €2.08B) in 2019 and is projected to reach $ 10B (approx €8.5B) by 2027, exhibiting a CAGR of 20.1% during the forecast period.

Due to the COVID-19 outbreak, the footfalls at the physical stores have been reduced substantially and sales have dramatically declined. Most consumers favor online shopping, resulting in a strong demand for e-commerce platforms. This, in turn, is expected to increase the growth of the virtual fitting room market size.

In a recent development, a German e-commerce giant Zalando has acquired Zurich-based software company Fision for an undisclosed amount. This development should allow both shoppers and brands to determine clothing sizes more precisely and reduce the number of returns.

The Fision team will continue to be based in Zurich while fully integrating with Zalando. The investment underscores Zalando’s commitment to one of its key markets, Switzerland. 

The ecommerce company also opened up an additional talent venue in Zurich – one of Europe’s technology hotspots. Its ambition is to build up a new tech hub in Zurich, growing the site to more than 150 jobs over time.

Meepls

Founded in 2015, Fision has developed technologies that generate accurate 3D virtual bodies and clothing models on its platform ‘meepl’.

According to the company, its app uses visual computing and artificial intelligence to allow customers to discover their body measurements and create personalised 3D body profiles, personal meepls. It requires a smartphone or a tablet to get started, utilising two images of the body, height and gender. As an alternative to the 3D body scan, meepl provides the option to create a 3D body profile using only 4 attributes (height, gender, age, and weight) that allows easy and fast size recommendation anywhere.

Fision AG was founded by a team of ETH Zurich graduates in engineering with the vision to enhance the customer journey of online shoppers and to reduce the cycle of waste in the industry.

Solving a problem in the fashion industry 

Fision was founded with the vision to enhance the customer journey of online shoppers and to reduce the cycle of waste in the industry. “Customers will get size advice earlier in their relationship with Zalando. At the same time, we can create a feedback loop between brands and consumers designed to drive customer loyalty and in the long run reduce waste,” says Stacia Carr, Zalando’s Director of Engineering – Size and Fit.

According to Zalando, one of the biggest challenges the fashion industry faces is helping customers find the right fit the first time.

Sizing systems across categories, regions, and brands vary dramatically, creating confusion and unnecessary returns for customers. The ecommerce firm claims to help by using the purchase and returns history to provide size advice on 50 percent of all items ordered. 

As per Zalando, Fision’s technology integration into its platform will take size advice to the next level: from one based on fit feedback and garment measurements to one that is more personalised using both garment and body measurements.

Solving the problem of size and fit represents a huge potential to transform fashion e-commerce for the benefit of both customers and brands. Customers will be able to generate precise body measurements which they can use to receive even more accurate size advice, and purchase items they know will fit.

“Brands, for the first time, can gain a deeper understanding of how well their assortment addresses the size and fit needs of a target audience which in the long run will enable them to produce better fitting garments.

About Zalando

Zalando is an online platform for fashion and lifestyle. Founded in Berlin in 2008 by David Schneider, Rocket Internet, and Robert Gentz, the company has more than 34 million active customers in 17 markets, offering clothing, footwear, accessories, and beauty products. The platform’s goal is to become the starting point for fashion.

Startups – Silicon Canals

HOV Accelerate’s first cohort in Pakistan: cloud kitchen startup, baby products ecommerce platform, and an online retailer for pre-loved shoes – MENAbytes

HOV Accelerate’s first cohort in Pakistan: cloud kitchen startup, baby products ecommerce platform, and an online retailer for pre-loved shoes  MENAbytes
“startups when:1d” – Google News

C2C e-commerce site

I am planning to create a C2C platform (like Carousell) with a friend and we both are from web dev or tech grads.
1) Is it better to work with a web designing firm or recruit a web UI/UX partner online and work on it?
2) Which is more reliable and better for long run?
3) As another option, could it be approach to a big firm in another country like Carousell for a partnership to implement in my country starting as small start-up as we do not want to recruit others at the moment?
What is the best way to approach for partnership to implement in my country.
I am still 9 to 5 working and my friend is totally free.

submitted by /u/heinhtet5293
[link] [comments]
Startups – Rapid Growth and Innovation is in Our Very Nature!