Syte raises $21.5M to expand visual AI tools

Syte, which uses visual AI technology to aid retailers, landed an investment of $21.5 million the company announced Monday. Syte plans to grow its reach across the United States, Europe and Asia; open a new office in San Francisco and expand its New York space; and hire about 70 new employees in Israel and the U.S. The funding will enable the visual product discovery company to invest in visual AI research and development, and introduce its latest product, visual AI personalization. The funding round was led by Viola Ventures with assistance from Storm Ventures, Commerce Ventures, Axess Ventures and Lyra Ventures. The fresh investment pushes the company's total funding to date to $30 million. Syte plans to quadruple its user base in 2020 by "focusing on enterprise and SMEs, strengthening current relationships, and building new ones," it stated in a company blog post.