Product attributes platform Lily AI has closed a $25 million Series B financing round with participation from Canaan Partners, Conductive Ventures, Sorenson Ventures and NEA, among others. The solution is designed to inject an enriched, customer-centered product taxonomy across the existing retail stack.
Lily AI aims to take the language of the customer across the entire retail ecommerce value chain in order to provide retailers with one tool that impacts all systems. The company’s robust, AI-powered image recognition was created to extract more than 15,000 product attributes.
Retailers including Bloomingdale’s, Gap, Macy’s and ThredUP are among Lily AI’s existing customers. The platform will use the new funding to further expand into mid-market retail ecommerce brands across home, beauty and fashion. Lily AI also plans to extend its solution to further applications within the retail stack.
“Retailers that invest in understanding how to accurately connect their shoppers with the relevant products they’re looking to buy set themselves up for increased conversion, larger order sizes and a future in which those shoppers return to their ecommerce sites time and again,” said Purva Gupta, Co-founder and CEO of Lily AI in a statement. “That’s why we founded Lily AI, and the reason we have seen exponential growth within the retail industry. I am excited that our investors see, as our customers do, that providing a customer-centered language for the entire retail stack is now a foundational, core layer to power modern retail.”