logo
logo

Depict.Ai Raises $17M To Give E-Commerce Sites Amazon-Level Product Recommendation Muscle

Feb 24, 2022•over 3 years ago

Amount Raised

$17 Million

StockholmConsumer GoodsSoftware

Description

Amazon rules the roost when it comes to e-commerce, not just because of its size but because of how it uses that to amass large amounts information that it in turn uses to continue feeding the machine with sophisticated product recommendations, relevant advertising, and more to keep people finding things to buy, and buying them. Today, a Stockholm-based startup called Depict.ai that has also built a product recommendation tool — which it believes can help any retailer sell like Amazon — is announcing funding of $17 million to feed its own growth in the U.S. an Europe, after picking up 60 customers including Office Depot and Staples.

Company Information

Company

Depict.Ai

Location

Stockholm, Stockholm County, Sweden

About

Today, a Stockholm-based startup called Depict.ai that has also built a product recommendation tool — which it believes can help any retailer sell like Amazon — is announcing funding of $17 million to feed its own growth in the U.S. an Europe, after picking up 60 customers including Office Depot and Staples. It follows a seed funding round of $2.8 million that the company raised last year from Initialized, EQT Ventures, Northzone and Y Combinator, where Depict.ai was part of the first cohort to go through the program during a Covid-19 lockdown. But between noticing and figuring out (using AI) how to fix that gap between Amazon and the rest of the commerce world when it came to product data, and actually starting Depict.ai to turn that into a business, Edholm had another detour. Since starting Depict.ai, Edholm’s own star as an individual and founder of renown has only gone up: no surprise here, but he’s also now a Thiel Fellow.

Funding Insights

Based on industry data
Tech investment trends
83% of B2B companies plan digital investments, with 79% prioritizing customer experience tech