Out of several hundreds of startups that applied to the program, Syte and 16 other startups passed the rigorous selection process. The program is a key component in Syte’s acceleration of its presence in the European market.
TEL AVIV, Israel–(BUSINESS WIRE)–September 2, 2019–
Syte, the leader in visual AI for retail, has announced today that it will be participating in Lafayette Plug and Play’s 3-month program in Paris. The premier business accelerator for the retail and e-commerce industries, which was born out of a partnership between Paris-based Galeries Lafayette Group and the Silicon Valley-based Plug and Play Tech Center, connects retail technology companies with France’s leading brands and retailers.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190902005032/en/
Lafayette Plug and Play participants listening in on a session. (Photo: Business Wire)
Of the hundreds of applicants, Syte was selected among 16 other companies to participate in the 7th batch. Inclusion in this program allows companies to accelerate business development by connecting with decision makers at France’s largest retail brands, learning from high level mentoring sessions, and exposure to Plug and Play’s global network of corporate partners and relevant industry investors.
“We are very excited to have been selected to participate in the Lafayette Plug and Play program. The prestige of the brands and retailers who will be participating, paired with the incredible companies that will be alongside us, made the value of the program very clear,” shares Syte’s Co-Founder and CEO, Ofer Fryman.
As the adoption of visual search continues to grow within the eCommerce space, Syte’s solutions have expanded as well. In addition to Camera Search, Syte’s Visual AI powers Recommendation Engines, Deep Tagging and In-Store solutions. Their customers currently include Conforama, Farfetch, Marks & Spencer, boohoo, Tommy Hilfiger and more.
The program comes to a close on November 28th, when all companies will pitch in front of European investors and leaders in innovation and tech within top corporations. The “Winter Expo Day” marks the culmination of the 3 month-long program and brings together the most prominent players in the European retail tech ecosystem, including all participating companies, investors, brands, and more.
Syte is the leader in visual AI technology, improving retailers’ site navigation, product discovery and user experience by powering solutions that engage and convert shoppers. With Syte, retailers can leverage shoppers’ inspiration and existing product interest to ensure they present the right products at the right time.
Partnerships with technology innovators such as Microsoft and SAP have established Syte as a leader in the market. Powering the visual search within Samsung and other leading phone manufacturers allows Syte to increase the reach of their retail clients. Brands currently using Syte’s technology include Conforama, Farfetch, Marks & Spencer, boohoo, Argos and more.
Syte has experienced rapid growth since its founding in 2015 and product launch in late 2017. They are represented by their headquarters in Tel Aviv as well as offices in New York, London and Geneva. The company has raised $10 million to date from investors including NHN Ventures, Magma, Naver Corporation, Line Corporation, Remagine Ventures, North Base Media and KDC Ventures.
About Lafayette Plug and Play
As the first innovative platform fully dedicated to retail and e-commerce, Lafayette Plug and Play is a startups accelerator created by the Galeries Lafayette group in partnership with the Silicon Valley based startup accelerator Plug and Play Tech Center. Today the ecosystem is joined by ten other industry leaders who are looking to boost their digital transformation. Located in the heart of Paris, Lafayette Plug and Play aims to support the development of French and international startups disrupting retail and e-commerce, by creating an innovative ecosystem around these industries. As part of its two annual classes, Lafayette Plug and Play offers entrepreneurs a tailored and supervised three-month program. More information on lafayetteplugandplay.com.