Depict.ai, a Stockholm, Sweden-based provider of AI-based product recommendations for any e-commerce store without needing any historical sales data, raised $17 million in Series A funding.
The round was led by Tiger Global, with participation from Initialized Capital, EQT Ventures, Y Combinator, and a team of angels, including Fredrik Hjelm, CEO & Co-founder of Voi, Johannes Schildt, CEO & Co-founder of Kry, Carl Rivera, CEO & Co-founder of Tictail, Erik Bernhardsson, creator of the Spotify recommendation engine, Northzone, Nicolas Dessaigne, CEO & Co-founder of Algolia, Vidit Aatrey, CEO & Co-founder of Meesho, Joshua Browder, CEO & Founder of DoNotPay, Finbarr Taylor, CEO & Co-founder of Shogun.
The company intends to use the funds to further invest in the product, expand operations and bring its recommendation engine to the rest of the e-commerce world, starting with Europe and the US.
Company: Depictai AB
Round: Series A
Funding Month: February 2022
Lead Investors: Tiger Global
Additional Investors: Initialized Capital, EQT Ventures, Y Combinator, Fredrik Hjelm, Johannes Schildt, Carl Rivera, Erik Bernhardsson, Northzone, Nicolas Dessaigne, Vidit Aatrey, Joshua Browder, and Finbarr Taylor
Company Website: https://depict.ai/
Software Category: AI-based product recommendations
About the Company: Founded in 2019, by Oliver Edholm (CEO) and Anton Osika (CTO), Depict.ai provides a software tool that provides Amazon-quality product recommendations for any e-commerce store. The solution – utilizes the most recent advances in Deep Learning, training neural networks – understands all of a retailer’s products, and is deployed as a plug and play solution.