Software startup Syte.ai announced the completion of $8 million in Series A financing. Three investors participated in the round, among them NHN Investment and Magma Venture Partners.
Syte is developing next generation machine learning technologies focused on image recognition and prediction. The company’s mission is to build artificial vision intelligence able to understand visual scenes, anticipate what will happen next, and react accordingly. The company’s deep-learning algorithm automatically extracts multiple layers of images, transforming any image into shoppable content without any tags, text, or additional manual work. Syte currently offers its technology as a platform to build better online shopping applications that are faster, smarter, and more cost-effective.
In its announcement, the company said Syte.ai’s Series A funding will be used for marketing and growth in the U.S., where it hopes to sign up large fashion publishers and retailers.