Lily AI has announced that it has closed its Series B financing round at 25 million dollars, with participation from the likes of Canaan Partners and Conductive Ventures.
The product attributes platform, which already counts Bloomingdale’s, The Gap and Macy’s among its clients, said it will use the funding to further expand into mid-market retail e-commerce brands across home, beauty and fashion.
The application hopes to improve on-site search conversion for retailers via personalised product discovery and demand forecasting.
Lily AI also said it is planning to extend its solution to further applications within the retail offering.
Since its founding in 2015, by co-founders Purva Gupta and Sowmiya Chocka Narayanan, the female-led company has expanded into new industry verticals and internationally into the UK and Europe.
In a release, Gupta said: “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,
“That’s why we founded Lily AI, and the reason we have seen exponential growth within the retail industry.”