Tiger Global supports Sweden’s Depict.ai in financing of 15.2 million euros to provide e-commerce websites AI-based product recommendations
Depict.aia Stockholm-based AI platform that provides product recommendations to e-commerce stores without the need for transaction data, announced that it has secured $ 17 million (approximately EUR 15.2 million) in a Series A financing round led by Tiger Global.
Other investors, including Initialized Capital, EQT Ventures, Y Combinator and a team of angels, also participated. The financing comes one year after the company raised 2.8 million dollars (approximately 2.5 million euros) in start-up financing led by Initialized Capital.
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Utilization of the fund
The financing will enable the Swedish company to grow its team and accelerate product development.
Oliver Edholm, Y-combinator alumnus and Depict.ai founder and CEO, says: “So far, the benefits of AI have been reserved for the e-commerce technology giants, and we’re here to change that. We’ll start by giving each e-commerce store the AI. “technology they need to deliver world-class product recommendations. Our ambition is to provide resellers with all the AI infrastructure they need for product discovery, so they can focus on delighting their customers with great products instead of worrying about technical complexities.”
Depict.ai: What you need to know
Depict.ai was founded by Oliver Edholm and Anton Osika in 2019 and has developed AI technology that provides Amazon-quality product recommendations for all e-commerce stores.
Depict.ai claims that its solution uses an algorithm that can increase total e-commerce revenue by 4 to 6 percent for all stores without the need for any sales data at all.
The plug-and-play solution utilizes in-depth learning and trains neural networks to understand product images and information to an unprecedented extent.
Investor
Tiger Global Management is an investment firm focused on private and public companies in the Internet, software and financial technology sectors.
The VC company has invested in hundreds of companies in more than 30 countries, and in stages ranging from Series A to before and after the IPO.
John Curtius, partner at Tiger Global, says: “Depict.ai’s AI-based product recommendation platform is brand new because it does not require historical sales data, enabling online retailers of all sizes to deliver high quality recommendations, an important driver for increased We believe that Depict.ai’s technology is ready to become a leader in this field, and we are pleased to partner with Oliver and his team as they continue to expand into emerging markets.
EQT Ventures is a multi-stage VC fund that collaborates with the “most ambitious and boldest” founders in Europe and the USA.
Rania Belkahia, partner at EQT Ventures, says: “At EQT Ventures, we generally observe two trends in e-commerce innovation. Entrepreneurs either build tools to” arm the rebels “or create services for dominant players to keep pace with faster players. When we met Oliver and his team, we immediately bought his vision to provide top-level product recommendations to the masses. development capacity. “
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