AI Product Recommendations tool Depict.ai secured $17 Million in Series A funding

Depict.ai, a Sweden based provider of AI-based product recommendations for any e-commerce store without needing any historical sales data, has recently secured $17 million in a Series A funding round.

Depict.ai was founded by Oliver Edholm (CEO) and Anton Osika (CTO) in the year 2019. It offers a software tool that offers Amazon quality product recommendations for any ecommerce 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.

Y-combinator alumnus and 19-year-old Depict.ai founder and CEO Oliver Edholm said, "Up until now, the benefits of AI have been reserved for the e-commerce tech giants, and we're here to change that. We’re starting by giving every e-commerce store the AI technology they need to deliver world-class product recommendations. Our ambition is to bring retailers all the AI infrastructure they need for product discovery, so they can focus on delighting their customers with great products instead of worrying about technical complexities".

John Curtius, Partner, Tiger Global, said, "Depict.ai's AI-based product recommendation platform, is completely novel because it does not require historical sales data, enables online retailers of any size to deliver high-quality recommendations, a key driver of increased revenues. We believe Depict.ai’s technology is poised to be a leader in this space, and we are excited to partner with Oliver and his team as they continue to expand into new markets".

The round was backed by Tiger Global. Other participating investors include 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, and Erik Bernhardsson, creator of the Spotify recommendation engine.

The AI startup, as of now, has plans to use the new funds to further invest in the product and expand operations. Depict.ai also intends to bring its recommendations engine to the rest of the ecommerce world, starting with the US and Europe, notes the announcement.