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AI startup ViSenze raises US$10.5m Series B from Rakuten Ventures, SPH Media Fund
SINGAPORE-BASED startup ViSenze has raised US$10.5 million in Series B funding.
The round was led by Rakuten Ventures, WI Harper Group and Enspire Capital. Other participating investors include SPH Media Fund, FengHe Fund Management, Raffles Venture Partners, Phillip Private Equity and UOB Venture Management.
ViSenze, an artificial intelligence (AI) company, develops advanced visual-search and image-recognition solutions to help businesses in e-commerce, retail and content publishing. For instance, it recommends visually similar items to online shoppers when they browse or search by uploading a picture.
The startup's other e-commerce solutions include visually similar product recommendations, out-of-stock alternatives, search by image and automated product tagging.
Co-founder Oliver Tan said: "Online search is a fundamental part of our daily lives, yet the majority of visual shoppers are saying keyword search is inadequate in today's visual web world.
"We have generated up to 70 per cent uplift in conversion rates for our retail clients through continuous search quality improvements."
ViSenze's new financing will be used to invest in the company's proprietary image-recognition technology, expand headcount and grow its offices in the United States and India, as well as open new ones in the UK and China.