Lily AI, a Mountain View, CA-based retail technology platform specializing in AI solutions for retailers and brands, has closed a $20 million Series B-1 funding.
SaaS Investors
Conductive Ventures led the round, with participation from new investors Counterpart Ventures, Cendana Capital, and Transform Capital, as well as existing investors Canaan, Sorenson Capital, and NEA.
Conductive Ventures is an early-stage venture capital firm that invests in software, hardware, technology-enabled services, and blockchain. With $450 million of capital under management, Conductive Ventures invests in early efficient growth companies led by non-traditional founders.
The investment comes 18 months after Lily AI's initial Series B round and is raised at a premium to its last financing. Lily AI's total funding to date now stands at $62 million.
Lily AI Use of Funds
The company will use the funding to expand its offering and market reach, expand its integrations with social and eCommerce platforms, and accelerate the engineering team's ability to deliver enterprise-grade AI solutions across the retail value chain.
About Lily AI
Founded in 2015 by Purva Gupta and Sowmiya Narayanan, Lily AI is a retail AI company offering a platform that utilizes artificial intelligence for product discovery. The platform injects customer-centric language into various retail processes. Leveraging generative AI, computer vision, natural language processing, as well as machine and deep learning, Lily AI enhances shopping experiences by incorporating human-centered language throughout the retail ecosystem. Its solutions are utilized by leading retailers and brands such as Macy’s, Bloomingdale’s, JCrew, ThredUP, Abercrombie & Fitch, ALC, Living Spaces, Arhaus, and others.
Funding Details
Company: OneLook, Inc.
Raised: $20.0M
Round: Series B
Funding Month: March 2024
Lead Investors: Conductive Ventures
Additional Investors: Counterpart Ventures, Cendana Capital, Transform Capital, Canaan, Sorenson Capital, NEA
Company Website: https://www.lily.ai/
Software Category: Ecommerce
Source: https://www.globenewswire.com/news-release/2024/03/14/2846318/0/en/Lily-AI-Closes-20M-Series-B-1-Funding-Round.html