Visenze received another $20M in funding. Here’s a “Crib Sheet” post that I wrote on them in 2017.
Additionally, here are some key take-always from today’s news.
- “Artificial intelligence (AI) in retail is having a moment. Spurred by growth in automated merchandising, recommendation engines, and customer behavior tracking, spend with respect to AI-driven commerce services is expected to top $8 billion by 2024, research firm Global Market Insights reports. And according to the McKinsey Global Institute, said services will impact between 3.2 percent to 5.7 percent of global retail revenue.
- After three years of steady growth (200 percent) that saw the number of users conducting searches with its products exceed 300 million (and search volume surpass three million queries a day), ViSenze is raising venture capital
- ViSenze — which was spun out from the National University of Singapore’s Next research center in 2012 — claims its infrastructure can index and process of “billions” of images, and generate search results in less than a second for newly uploaded product images (and less than 200 milliseconds for existing images).
- That scalability — along with computer vision models trained continuously to improve recognition accuracy — are the reason its customers see 50 percent higher click-through rates and up to 5 times higher conversion rates, ViSenze contends.”