Lily AI, a startup focused on using deep learning to help brands better convert customers through emotionally tailored recommendations, announced this morning that it has raised a $12.5 million Series A led by Canaan Partners.
Prior to its Series A, Lily had raised just a few million, according to Crunchbase data.
In a phone call with TechCrunch, Gupta said that she and Narayanan decided that “from a business model perspective” their technology was “better for an enterprise product.” The iOS app was eventually deprioritized (in “less than a year” after launch according to the CEO), with the company making a formal move to focus on enterprise offerings in early 2018.
That’s the hypothesis behind Lily AI, according to Gupta, who wants to know the “individual emotional context” of “each customer” when they shop online.
Gupta told TechCrunch in an email that her company’s “approach captures significantly more detail on each product based on the traits customers look for when buying apparel,” including “style, fit, occasion” and the like.
Then, Lily uses “hashed customer data” that brands already collect, married to its item attribute data to “create a high-confidence prediction of each customer’s affinity to every attribute of every product in the catalog,” she continued.
We started Lily AI with the goal of helping customers look and feel their best.