Aug. 24, 2022 — Lily AI announced that its USD 25 million Series B fundraising round has been closed with participation from Canaan Partners, Conductive Ventures, Sorenson Ventures, and NEA, among others.
Lily AI, which already serves large-scale clients like Bloomingdale’s, The Gap, Macy’s, thredUP, and others, will further expand into mid-market retail e-commerce brands in the home, beauty, and fashion categories with the help of the new funding. This will enable clients to significantly boost their e-commerce applications by enhancing their on-site search conversion, personalized product discovery, and demand forecasting. The business also intends to expand its solution to further retail stack applications.
Purva Gupta, co-founder, and CEO of Lily AI, said that retailers who invest in learning how to accurately match their customers with the relevant products they’re looking to buy are setting themselves up for increased conversion, larger order sizes, and a future in which those customers return to their e-commerce sites repeatedly.
“Because of this, the retail sector has experienced exponential growth since we founded Lily AI. Providing a customer-centered language for the entire retail stack is now a foundational, key layer to modern power retail, and I’m thrilled that our investors recognize this as do our consumers.”
Maha Ibrahim, a general partner at Canaan, stated:
“At Canaan, we look for leaders who can redefine an industry, and Purva Gupta and Sowmiya Narayanan fit that description. Lily AI has created a world-class, scalable platform under their direction that is revolutionizing modern retail. The effectiveness of product attribution in empowering customers, increasing conversions, and boosting revenues for some of retail’s most renowned brands has been demonstrated by Lily AI. We’re eager to find out what comes next.”
More about the platform:
Lily AI is the platform for product attributes that introduces the customer’s language throughout the current retail stack, accurately matching customers with the appropriate goods they’re trying to purchase. Lily AI significantly enhances retailers’ and brands’ on-site search conversion, personalized product discovery, and demand forecasting, resulting in 8–9 figure revenue uplifts for both. With its headquarters in Mountain View, California, the business enjoys the confidence of some of the biggest retail brands in the world, including Bloomingdale’s, Gap Inc., Macy’s, and thredUP.
Purva Gupta and Sowmiya Chocka Narayanan, co-founders of Lily AI, have established a vibrant, female-driven business centered on empathy for employees, brands, and their customers and has built one of Silicon Valley’s most innovative and rapidly growing retail technology companies. Lily AI has expanded in 2022 into additional industry verticals, including home and beauty, and internationally into the UK and Europe, building on a solid basis in the fashion retail sector.
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