Artificial Intelligence (AI) company ViSenze today announced that it has raised a US$20 million Series C funding round co-led by Gobi Partners, a venture capital firm with a focus on China, Hong Kong, and Southeast Asia, and Sonae IM, Europe-based corporate venture investor specialising in retail, telco tech, and cybersecurity.
Other participants in the funding round include new investors Tembusu ICT Fund, 31Ventures Global Innovation Fund, and Jonathan Coon’s Impossible Ventures.
Existing investors Rakuten Ventures, WI Harper Group, Singapore Press Holdings (SPH) Ventures, Raffles Venture Partners, Enspire Capital, and UOB Venture Management also returned in the funding round.
In a press statement, ViSenze said that it will use the funding to provide advanced, vertically-focused visual commerce technology to retailers, brands, and media companies.
It will also enhance its platform solutions through partnership with major smartphone manufacturers to enable visual shopping on native camera lenses.
“Visuals have incredible power and influence over buying decisions, therefore having visual search capabilities within mobile devices delivers a modern, smarter way to ensure discovery by consumers,” said ViSenze Co-Founder and CEO Oliver Tan.
“The partners participating in this funding round share our mission to simplify the way people search and discover products that inspire them. We look forward to what’s ahead for ViSenze as we continue to develop our capabilities, our network, and our global reach,” he added.
Prior to this funding round, ViSenze raised US$10.5 million in Series B funding round in 2016. It has raised a total of US$34.5 million with the latest funding round.
Founded in 2012, ViSenze is run by over 80 employees with offices in Singapore, China, the United Kingdom, the United States, South Korea, and Japan.
It claimed to have seen steady annual revenue growth rate of over 200 per cent with employee headcount tripling over the last three years.
Its customers include retailers such as Rakuten, ASOS, Urban Outfitters, and Zalora.
The company also secured partnerships with smartphone manufacturers such as Samsung, LG, and Huawei.