Funds for Product Recommendation Specialist Depict.ai

In Sweden, product recommendation specialist Depict.ai has raised $17m in a Series A round of funding, which it will use to expand its recommendation engine in Europe and the US, and to grow its team.

Founded in 2019 by Oliver Edholm and Anton Osika (pictured), Depict.ai offers an AI-based platform through which eCommerce stores can offer product recommendations without the need for behavior or transaction data. The solution is designed to understand all of a retailer's products using deep learning, training neural networks to understand product images and information.

New funding was led by Tiger Global, with participation from Initialized Capital, EQT Ventures, Y Combinator, and a team of angels, and comes a year after Depict.ai raised $2.8m in seed funding. Edholm comments: 'Up until now, the benefits of AI have been reserved for the eCommerce tech giants, and we're here to change that. We're starting by giving every e-commerce store the AI technology they need to deliver world-class product recommendations. 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'.

Web site: www.depict.ai .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.