Using AI to find clothes, it completed $8 million in Series A financing
On July 18th, Syte.ai won a total of $8 million in Series A investment from South Korean venture capital firm NHN Investment, North Base Media, KDC Ventures, Remagine Ventures, Magma Venture Partners, LINE Corporation, Naver Corporation. . This financing will help Syte.ai expand its presence in the US and sign some well-known designers and retailers. Syte.ai is a company dedicated to combining AI image recognition technology with the fashion industry. Lihi Pinto Fryman, co-founder and chief marketing officer, worked for a London investment bank. One day in 2014, she saw a very satisfied clothes on the streets of London, but she did find herself unable to find the clothes in any way or A product similar to this one. Fryman, who discovered this pain point, found Dr. Helge Voss and Idan Pinto and began to develop a better image recognition search engine and apply it to the fashion industry. The Syte.ai platform was established in May 2015. The Syte.ai team has been studying depth algorithms for image recognition for the past three years. Different from other image recognition algorithms, Syte.ai has always focused on the vertical field of fashion. Fryman said that they only focus on the fashion field because the image recognition barriers of fashion products are very high. The same clothes will show different states in different environments. It is very difficult for the computer to identify itself. However, the three years of research by Syte.ai have been fruitful. Woo Kim, a partner at NHN Investment, said that many of the so-called “new generation†image search schemes they have seen before have been unsatisfactory, but the machine learning method of Syte.ai has made Image recognition technology has made breakthrough innovations. According to IHL Group research, retailers lose $634.1 billion annually because they are unable to provide similar alternatives to sold out goods. Syte.ai's image recognition technology can solve this pain point well. On the Syte.ai platform, the user can move the cursor over the fashion picture to identify items similar to the items on the picture. For publishers on the platform (including fashion magazines and blogs), Syte.ai will display the offline store location and price of its products, enticing users to click through. Syte.ai is currently profitable by splitting up with advertisers on the platform and charging to online stores. China's image recognition technology has developed rapidly in recent years. At the 2017 New York Fashion Week, Tencent Excellent Map analyzed the dress style of the 95s through AI image recognition technology. In recent years, many fashion e-commerce brands have emerged in the United States. For example, most fashion e-commerce companies are direct sales websites of designer brands such as ShopBop, as well as e-commerce brands such as ASOS and BooHoo, which focus on fast fashion, and like Polyvore. A platform for shopping through online community content. But e-commerce, such as Syte.ai, which combines image recognition technology, machine learning technology and fashion, is rare. At present, Syte.ai has carried out three rounds of financing totaling $10.1 million. Our business was developed in 1988, the clothing export group, such as Casual Outfits and Sportswear , has more than 6 years of OEM service experience. mens apparel supplier, mens clothing manufacturer, mens garment factory Ningbo Ningshing Trading Group Inc. , https://www.apparelproduct.com
We additionally concentrate on all kinds of Sleepwear, such as Jammies set, Slide Dress, Gown and so forth. At the same time, we are competent in the style and also production of Childrens Clothing. We have actually separately established Fabrics and Textiles, our Fitness and Yoga suits have actually been extensively commended.
Our manufacturing facility is located in the industrial event area of Huaiyang County, Henan Province, covering a location of 16,000 square meters, with 8 production lines as well as more than 400 staff members. In addition, our manufacturing facility additionally has 5 factories with annual production capacity of 5,000,000 PCS and yearly export volume of $100,000,000.
For us, customer as well as top quality are one of the most vital. For that reason, we obtained a good impression from customers in USA, Australia, Canada and also other regions. As well as developed a long-term participating connection with great deals of worldwide sporting activities brands.
We never quit progressing, we will do our finest for far better future as well as make friend with all of you. Looking forward your inquiry!