Lily AI, the product attributes platform that injects an enriched, customer-centered product taxonomy across the existing retail stack, today announced that it has closed its Series B financing round with participation from Canaan Partners, Conductive Ventures, Sorenson Ventures and NEA, among others.
Already serving enterprise clients such as Bloomingdale’s, The Gap, Macy’s, thredUP and others, Lily AI will use the new funding to further expand into mid-market retail e-commerce brands across home, beauty and fashion, allowing clients to supercharge their e-commerce applications by dramatically improving their on-site search conversion, personalized product discovery and demand forecasting. The company also plans to extend its solution to further applications within the retail stack.
Lily AI takes the language of the customer across the entire retail e-commerce value chain, providing retailers with one tool that dramatically impacts all systems. Retailers and brands can now boost site conversion, order size and full-margin sales by immediately moving away from categorizing and presenting products according to legacy, out-of-the-box attributes, and instead start presenting products in the language of consumers. This fundamentally supercharges e-commerce site search, demand forecasting, product recommendations, SEO/SEM and merchandise planning. The company’s robust, AI-powered image recognition extracts over 15,000 product attributes, allowing retailers to configure ten times more attributes for every product.
Lily AI co-founders Purva Gupta and Sowmiya Chocka Narayanan have built one of Silicon Valley’s fastest-growing and most innovative retail technology companies by driving a thriving, female-led organization focused on empathy for employees, brands, and their consumers. With a strong foundation in fashion retail, Lily AI has expanded in 2022 into new industry verticals, such as home and beauty, as well as internationally into the UK and Europe.
“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.”
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