Home Startups AI startup ViSenze secures US$20M Series C funding

AI startup ViSenze secures US$20M Series C funding

Posted on

- Advertisement -

Singapore-based Artificial Intelligence (AI) startup, ViSenze, clinched a US$20 million Series C funding, co-led by Gobi Partners and Sonae IM. This latest round of funding increases ViSenze’s total funding amount to US$34.5 million. The previous round of funding was US$10.5 million in Series B in 2016 backed by eight investors.

ViSenze plans to further invest in its penetration among smartphone manufacturers, as well as with consumer and social communication applications. It already has partnerships with phone makers such as Samsung, LG, and Huawei.

Gobi Partners is a venture capital firm that focuses on innovative technologies in China, Hong Kong, and South-east Asia, while Sonae IM is a European-based corporate venture investor specializing in retail and telco tech as well as cybersecurity.

AI in retail is picking up growth rapidly, driven by advancement in technology in automated merchandising, recommendation engines, and customer behavior tracking. The startup uses proprietary image recognition technology to detect trends and visual similarities (such as colors and patterns) in products to help consumers find products online more seamlessly. This technology disrupts the industry by making online products more searchable and helps in improving the customer experience. This technology is also used by leading retailers such as Urban Outfitters, Zalora, Uniqlo, Rakuten, and “major” Original Equipment Manufacturers (OEMs) among its network of clients, linking more than 400 million products from over 800 merchants and retailers on its global affiliate network.

The spent in AI-driven commerce services is expected to top US$8 billion by the year 2024, according to the reports by Global Market Insights reports. McKinsey Global Institute also reported that services would impact between 3.2 percent to 5.7 percent of global retail revenue.

“Visuals have incredible power and influence over buying decisions, therefore having visual search capabilities within mobile devices delivers a modern, smarter way to ensure discovery by consumers,”

Oliver Tan, CEO and Co-Founder of ViSenze

Felicia Calle
Felicia Calle
Australia | Felicia's fascination with tech began in the 90s, and she loves to update readers on the best tech deals on the internet. When she’s not writing, you’ll find her travelling around the world.


Editors’ Picks: Top 5 Tech Features For SITEX 2018

SITEX, Singapore's long-running Consumer Lifestyle IT Exhibition, is back for the 30th time this week. Organized by SGtech, managed by SingEx Exhibitions Pte Ltd,...

 Submit a Story

Do you have a story to share? We will help you inspire, connect, and celebrate with our thoughtfully vibrant community. Click here to find out more!

 Latest Stories

In brief: Artist illustrates how superheroes will look when they retire

Eddie Liu, an artist, based in Shanghai, has created a short yet beautiful series that imagines how a few of our...

Singapore’s BandLab Technologies to acquire British music publications NME and Uncut

Singapore's music tech company, BandLab Technologies, has announced its acquisition of NME and Uncut from London-based TI Media. This is a...

Google I/O features Singapore startup, BandLab

Amidst the excitement arising from the announcement at Google I/O conference last week, Singapore startup, BandLab, was featured in two of...

Philippine conglomerate JG Summit to invest US$50M in Southeast Asian startups

In its bid to grow the startup ecosystem in the region, JG Summit Holdings Inc, one of the largest listed conglomerates...

How to write better headlines [Infographic]

Writing good content is one thing, but it’s another to get that content read and ranked on search. As a content...