Lily AI, a California-based provider of product attributes platform, has secured $25M in a Series B financing round with participation from Canaan Partners, Conductive Ventures, Sorenson Ventures, and NEA, among others.
The company will use the new funds to further expand into mid-market retail e-commerce brands across home, beauty, and fashion and extend its solution to further applications within the retail stack.
Product attributes platform
Purva Gupta and Sowmiya Chocka Narayanan founded Lily AI, an AI-powered platform that connects shoppers with products they might be looking to buy. The platform helps retailers and brands increase revenue by 8-9 figures by dramatically improving their on-site search conversion, personalised product discovery, and demand forecasting.
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.
The company is trusted by some of the world’s largest retail brands, including Bloomingdale’s, Gap Inc., Macy’s, and thredUP. Lily AI has expanded in 2022 into new industry verticals, such as home and beauty, and 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,” says Purva Gupta, Lily AI co-founder and CEO. “That’s why we founded Lily AI and 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 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.”
