$20 million in Series B-1 funding was raised by Lily AI, a Mountain View, California-based supplier of a retail technology platform with a focus on AI solutions for brands and retailers.
Lead investor Conductive Ventures led the $62 million round, in which new investors Counterpart Ventures, Cendana Capital, and Transform Capital joined forces with current investors Canaan, Sorenson Capital, and NEA.
The company plans to utilize the money to grow its social and eCommerce platform integrations, extend its leadership into foreign markets, and quicken the technical team’s delivery of enterprise-grade AI solutions along the retail value chain.
Lily AI, a female-founded retail AI firm led by CEO Purva Gupta, empowers brands and merchants by bridging the gap between merchant and customer language. By introducing human-centered language throughout the retail ecosystem, it improves the shopping experience by utilizing generative AI, computer vision, natural language processing, machine learning, and deep learning.
The company maximizes current technology investments to generate revenue lift through improved product attribution and descriptions, enhanced discovery, and increased conversion. It is compatible with eCommerce, marketplace, and product management platforms.
Macy’s, Bloomingdale’s, JCrew, ThredUP, Abercrombie & Fitch, ALC, Living Spaces, Arhaus, and other retailers and brands are among those that Lily provides services to.
