Lily AI closes Series B financing round
An artificial intelligence (AI)-based customer intent platform has reached a major funding milestone.
Lily AI, whose platform injects robust product attribute data and unique customer intent into the entire e-commerce stack, has closed its Series B financing round with participation from Canaan Partners, Conductive Ventures, Sorenson Ventures and NEA, among others.
Already serving retail clients including Bloomingdale’s, The Gap, Macy’s, and thredUP, Lily AI will use the new funding to further expand into mid-market retail e-commerce brands across the home, beauty and fashion segments. The company also plans to extend its solution to further applications within the retail stack.
The Lily AI software is designed to improve on-site search; as well as personalize product discovery, recommendations and demand prediction, to help retailers grow their revenues. The company’s platform turns qualitative product attributes into a universal mathematical language at a high volume with high accuracy.
By using AI-powered image recognition to extract product attributes, Lily allows retailers to extract over 15,000 product attributes for each product, allowing retailers to configure 10 times more attributes for every product.
The software is one of the only platforms that combines rich product attribute data and customer intent in the e-commerce stack at scale. Lily AI is designed to help retailers and brands drive increased conversion, larger order sizes, enhanced demand forecasting, and higher levels of customer loyalty.
“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 e-commerce sites time and again”, said Purva Gupta, Lily AI co-founder and CEO. “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.”
"At Canaan, we seek out leaders capable of redefining a sector, and Purva Gupta and Sowmiya Narayanan are just that. Under their leadership, Lily AI has developed a world-class, scalable platform that's reinventing modern retail," said Maha Ibrahim, general partner, Canaan. "Lily AI has proven the power of product attribution in empowering shoppers, boosting conversions, and increasing revenues for some of retail's most admired brands. We're excited to see what's next."
Earlier in 2022, Lily AI made its product suite available on the Microsoft Azure Marketplace, as well as through Microsoft AppSource, an online cloud marketplace providing tailored line-of-business solutions. In addition, Lily AI made its software co-sell ready.