A start-up that sells artificial intelligence (AI) technology to boost e-commerce has raised US$20 million (S$27 million) in Series C funding.
The financing for ViSenze was led by venture capital firm Gobi Partners and venture investor Sonae IM.
Other participants included new investors Tembusu ICT Fund and 31Ventures Global Innovation Fund, and existing investors such as Rakuten Ventures, Singapore Press Holdings Ventures and UOB Venture Management.
Gobi Partners focuses on innovative technology companies in China, Hong Kong and South-east Asia.
Sonae IM is a European-based investor specialising in retail and telco tech as well as cyber security.
Founded in 2012, ViSenze sells AI technology to consumer brands so online shoppers can replace keyword-based product searches with digital images, effectively driving recommendations with image data.
Its proprietary image recognition technology allows products to be searched through features such as style and occasion, or visual attributes like colours and patterns.
The technology is used by major brands for visual trend analytics, social insights, price discovery and competitive strategising.
ViSenze said its solutions have linked over 400 million products from more than 800 merchants on its global affiliate network. Its clients include Rakuten, ASOS, Urban Outfitters and Zalora.
The latest funding round will enable ViSenze to further invest in tie-ups with smartphone makers, as well as consumer and social communication applications. Its partners include Samsung, LG and Huawei.
ViSenze reported an annual revenue growth rate of over 200 per cent. Its headcount has tripled over the past three years to about 80, with offices in Singapore, China, Britain, the United States, South Korea and Japan.
Gobi Partners managing director Dan Chong said on Tuesday: "The e-commerce markets across the world continue to expand and shoppers are becoming more mobile-centric.
"As ViSenze helps its clients to capture this group of consumers and adapt to their shopping behaviour, the opportunity to scale its business significantly presents itself."
Sonae IM chief executive Eduardo Piedade said: "With more retailers and brands offering visual search capabilities... to accelerate the time to purchase and improve the buying experience, we see the technology continuing to shape the future of retail."
ViSenze raised US$10.5 million in 2016. Its funding now totals US$34.5 million.
