Lily AI, a Mountain View, CA-based provider of a retail technology platform specializing in AI solutions for retailers and brands, raised $20M in Series B-1 funding.
The round, which brought the total amount to $62M, was led by Conductive Ventures with participation from new investors Counterpart Ventures, Cendana Capital, and Transform Capital, and existing investors Canaan, Sorenson Capital, and NEA.
The company intends to use the funds to extend its leadership into international markets, expand its social and eCommerce platform integrations, and accelerate the engineering team’s ability to ship enterprise-grade AI solutions across the retail value chain.
Led by CEO Purva Gupta, Lily AI is a female-founded retail AI company empowering retailers and brands by bridging the gap between merchant-speak and customer-speak. Leveraging generative AI, computer vision, natural language processing, machine and deep learning, it enhances shopping experiences by injecting human-centered language throughout the retail ecosystem. Interoperable with eCommerce, marketplace, and product management platforms, the company optimizes existing technology investments to deliver revenue lift through improved product attribution and descriptions, enhanced discovery, and higher conversion.
Lily serves retailers and brands such as Macy’s, Bloomingdale’s, JCrew, ThredUP, Abercrombie & Fitch, ALC, Living Spaces, Arhaus and others.
FinSMEs
15/03/2024