Lily AI is a tech startup founded by Purva Gupta that offers retailers and brands an AI-enabled platform designed to better connect their customers to the specific products that they need or that they might enjoy. In a nutshell, the platform utilizes algorithms and machine learning to improve brands' Webstore functions, including their search engines.
Today, Lily AI announced that it had secured $25 million in Series B funding, which was led by Canaan. With this latest investment, the startup has now raised a total of $41 million for its retail-focused AI platform.
"Different shoppers search uniquely, making it essential for retail e-commerce brands to build the right product taxonomy to capture both common and long-tail searches," Gupta told TechCrunch via email. "Think of your own frustrating experiences on retail e-commerce sites and receiving irrelevant results or worse, no results at all, even when the product you’re looking for is clearly carried by that retailer."
E-Commerce Optimizing Platforms
Lily AI Use Algorithms to Help Retailers Improve Their Webstores
Trend Themes
1. E-commerce Optimization - Using AI to improve the search and personalized experience for online shoppers.
2. Algorithms and Machine Learning - Developing and utilizing algorithms and machine learning to optimize e-commerce platforms.
3. Retail-focused AI Platforms - Creating AI platforms with a focus on helping retailers improve their online shopping experience.
Industry Implications
1. Retail - Implementing AI technology to improve e-commerce platforms and better connect customers with products.
2. Technology - Developing and advancing AI technology to improve and personalize the e-commerce customer experience.
3. Finance - Investing in AI-based e-commerce startups to support their development and growth.