Product recommendation software providing company Depict.ai raises $17 million in its recently held series A funding round led by Tiger Global.
Other investors like Initialized Capital, EQT Ventures, Y Combinator, and a team of angels also participated in the latest funding round of Depict.ai.
According to the company, it plans to use the freshly raised funds to further refine its recommendation engine, expand its workforce, and also expand into other global markets like the United States and Europe.
Depict.ai’s one-of-a-kind solution can be used by any eCommerce company to provide Amazon-class recommendation features to the customers, which helps in providing an enhanced shopping experience.
To be precise, Depict.ai’s technology is a plug-and-play solution that understands all of a retailer’s products.
“Depict.ai’s AI-based product recommendation platform is completely novel because it does not require historical sales data, enables online retailers of any size to deliver high-quality recommendations, a key driver of increased revenues,” said John Curtius, Partner, Tiger Global.
He also mentioned that they are delighted to work with Depict.ai and its team as the company continues to expand into new markets.
The company’s system used deep learning technology to effectively identify product images and metadata to understand a retailer’s offer and provide a highly accurate recommendation service. An added advantage of Depict.ai’s solution is that it can offer the recommendation feature without the need for entering any previous sales data.
Sweden-based technology company Depict.ai was founded by Anton Osika and Oliver Edholm in 2019. To date, the firm has raised around $19.9 million over two funding rounds.
Founder and CEO of Depict.ai, Oliver Edholm, said, “Our ambition is to bring retailers 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.”
He further added that until now, AI benefits had been reserved for eCommerce tech behemoths, but they are about to change that by providing every eCommerce business with the AI technology they need to produce world-class product suggestions.