Lily AI Closes $20M Series B-1 Funding Round
Funding to accelerate investment in the Company’s customer-centered retail AI platform
Lily AI Co-Founders
MOUNTAIN VIEW, Calif., March 14, 2024 (GLOBE NEWSWIRE) -- MOUNTAIN VIEW, California — March 11, 2024 — Lily AI, ("Lily” or the "Company”), a retail technology platform specializing in AI solutions for retailers and brands, today announced the closing of a $20,000,000 Series B-Prime financing round led by Conductive Ventures with participation from new investors Counterpart Ventures, Cendana Capital, and Transform Capital, and existing investors Canaan, Sorenson Capital, and NEA. The Lily AI Series B-Prime investment comes 18 months after its initial Series B round; customers have quadrupled during that time resulting from adoption of the Company’s core product attribution platform as well as generative AI solutions such as the recently announced content generation product. Raised at a premium to its last financing, Lily AI will use this latest funding round to extend its leadership into international markets, expand its social and eCommerce platform integrations, and accelerate the engineering team’s ability to ship enterprise-grade AI solutions across the retail value chain. Total funding to date is now $62 million.
“There is tremendous momentum in the market and we are seeing increased demand from retailers looking to leverage proven AI to enhance customer experiences and improve business efficiency,” said Purva Gupta, Co-founder and Chief Executive Officer, Lily AI. “We’ve benefitted from visionary and supportive investors from day one and are fortunate to continue that trend with Conductive Ventures leading this latest round. In particular, Carey has been an incredible partner over the past 18 months, sharing straightforward, sound advice, and I am delighted he will join the Lily board.”
“As an early investor in Lily AI, we continue to be impressed by the team’s ability to power the future of commerce by providing a customer-centered language for the entire retail stack,” said Carey Lai, Managing Director at Conductive Ventures. “We’re excited to support the Company as it expands product offerings that continue to deliver a strong ROI and ensure the customer is always at the center of every retailer decision. Lily AI epitomizes our focus at Conductive Ventures to support non-traditional founders who establish a strong foundation in their category and are ready to scale.”
“Purva and the team have quickly gained traction as evidenced by triple digit YoY growth and significant expansion of globally recognized retail brands,” said Maha Ibrahim, General Partner at Canaan Partners. “We’re impressed by the Company’s performance over the last 12 months and are delighted to continue to support this pioneering team as they embark upon this next stage of growth.”
Lily specializes in AI solutions for leading retailers and brands such as Macy’s, Bloomingdale’s, JCrew, ThredUP, Abercrombie & Fitch, ALC, Living Spaces, Arhaus and others.
About Lily AI
Lily AI is a female-founded retail AI company empowering retailers and brands by bridging the gap between merchant-speak and customer-speak. Leveraging generative AI, computer vision, natural language processing, machine and deep learning, Lily AI enhances shopping experiences by injecting human-centered language throughout the retail ecosystem. Interoperable with eCommerce, marketplace, and product management platforms, Lily AI maximizes existing technology investments to deliver upwards of 9-figure revenue lift through improved product attribution and descriptions, enhanced discovery, and higher conversion. Learn more at www.lily.ai.
About Conductive Ventures
Conductive Ventures is an early-stage venture capital firm that invests in software, hardware, technology-enabled services and blockchain. With $450 million of capital under management, Conductive Ventures invests in early efficient growth companies led by non-traditional founders. The team is led by institutional venture investors and operators. For additional information, please visit www.conductive.vc.
About Canaan
Canaan is an early-stage venture capital firm that invests in entrepreneurs with visionary ideas. With $6.8 billion under management, a diversified fund, and hundreds of exits to date, we partner with entrepreneurs building the next generation of technology and healthcare companies that will transform how we live, work, and thrive. To learn more about our people and our portfolio, please visit: www.canaan.com.
Media Contacts:
For Lily AI:
Berns Communications Group
Michael McMullan
mmcmullan@bcg-pr.com
For Conductive Ventures:
pr@conductive.vc
For Canaan:
press@canaan.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/74399bd2-d001-4d03-b259-ce8d056fe02f
