Overview

Lily AI enhances the retail industry by using advanced Computer Vision and Artificial Intelligence to create detailed product data. This enriched data helps retailers improve functions like recommendations, personalization, and customer relationship management. By accurately tagging product attributes such as fabric and fit, Lily AI provides insights that manual data generation cannot achieve. Retailers, including big-box stores and premium department stores, can use this data to better understand customer emotions and interactions. The company operates on a subscription model, with potential performance-based pricing linked to improvements in metrics like recommendation accuracy and sales. Clients have reported significant benefits, including a 30% increase in recommendation accuracy, a 5% sales lift, and a 10x return on investment. Lily AI's goal is to transform retail through superior data enrichment, leading to better customer experiences and business outcomes.

Simplify's Take

What believers are saying

• Lily AI's technology leads to a 5% incremental sales lift for clients.
• The company achieved a 12% lift in sell-through rates, enhancing client profitability.
• Lily AI's clients report a 10x return on investment from its services.

What critics are saying

• Emerging AI startups offer similar services at lower costs, threatening market share.
• Data privacy regulations like CCPA may impact data collection and utilization.
• Economic downturns could reduce retail budgets for technology investments, affecting revenue growth.

What makes Lily AI unique

• Lily AI bridges brand-speak and customer-speak, enhancing retail communication.
• The platform uses AI to enrich product data, improving recommendation accuracy by 30%.
• Lily AI's detailed product tagging surpasses manual data generation capabilities.

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Funding

Total Funding

$71.9M

Above

Industry Average

Funded Over

4 Rounds

Notable Investors:

New Enterprise Associates

Notable Investors:

New Enterprise Associates

$20,000,000

Series B

Mar 2024

Series B funding is typically for startups that have proven their business model and need more funding to expand rapidly—often by entering new markets or adding more products. Investors are usually venture capital firms that specialize in later-stage investments.

Series B Funding Comparison

Below Average

Industry standards

Ind Avg. $35M

$4M

$20M

$30M

$45M

$65M

$100M

View all funding stages