California, USA-based retail technology platform specializing in AI solutions for retailers and brands, Lily AI, raised USD 20 million in its Series B-Prime financing round. The round took place on March 14, 2024. Conductive Ventures led the company’s financing. Meanwhile, new investors such as Counterpart Ventures, Cendana Capital, and Transform Capital joined in the funding. Besides, existing investors Canaan, Sorenson Capital, and NEA also supported the financing.
Purpose of financing for Lily AI
Lily AI seeks to use this latest funding round to extend its leadership into international markets. It also has plans to expand its social and eCommerce platform integrations. Meanwhile, it looks to accelerate the engineering team’s ability to ship enterprise-grade AI solutions across the retail value chain. So far, the company’s total funding amounts to USD 62 million.
What the company’s official has to add
Purva Gupta, Co-founder and Chief Executive Officer, Lily AI, said, “There is tremendous momentum in the market and we are seeing increased demand from retailers looking to leverage proven AI to enhance customer experiences and improve business efficiency. We’ve benefitted from visionary and supportive investors from day one and are fortunate to continue that trend with Conductive Ventures leading this latest round. In particular, Carey has been an incredible partner over the past 18 months, sharing straightforward, sound advice, and I am delighted he will join the Lily board.”
What the investors have to comment
Carey Lai, Managing Director at Conductive Ventures, further said, “As an early investor in Lily AI, we continue to be impressed by the team’s ability to power the future of commerce by providing a customer-centred language for the entire retail stack. We’re excited to support the Company as it expands product offerings that continue to deliver a strong ROI and ensure the customer is always at the centre of every retailer decision. Lily AI epitomizes our focus at Conductive Ventures to support non-traditional founders who establish a strong foundation in their category and are ready to scale.”
Besides, Maha Ibrahim, General Partner at Canaan Partners, said, “Purva and the team have quickly gained traction as evidenced by triple-digit YoY growth and significant expansion of globally recognized retail brands. We’re impressed by the Company’s performance over the last 12 months and are delighted to continue to support this pioneering team as they embark upon this next stage of growth.”
About the company
Lily AI is a female-founded retail artificial intelligence business that connects merchant and customer language to empower brands and merchants. By integrating human-centered language throughout the retail ecosystem, Lily AI improves the shopping experience by utilizing generative AI, computer vision, natural language processing, machine learning, and deep learning. Lily AI, which is compatible with marketplace, eCommerce, and product management platforms, makes the most of current technological investments to produce improvements in product attribution and descriptions, improved discovery, and increased conversion that can result in a nine-figure revenue boost.
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