Lily AI – a retail technology platform specializing in AI solutions for retailers and brands – announced the closing of a $20 million Series B-Prime funding 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 funding round comes 18 months after Lily AI’s initial Series B round. During that time, the company’s customers have quadrupled, resulting from the adoption of its core product attribution platform and generative AI solutions, such as the recently announced content generation product.
Lily AI will use this latest funding round to expand its leadership into international markets, expand its integrations of social and e-commerce platforms, and accelerate the engineering team’s ability to ship enterprise-grade AI solutions across the retail value chain.
Lily specializes in AI solutions for leading retailers and brands like Macy’s, Bloomingdale’s, JCrew, ThredUP, Abercrombie & Fitch, ALC, Living Spaces, Arhaus and more.
KEY QUOTES:
“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. 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.”
– Purva Gupta, Co-founder and Chief Executive Officer, Lily AI
“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. 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.”
– Carey Lai, Managing Director at Conductive Ventures
“Purva and the team have quickly gained traction as evidenced by triple digit YoY growth and significant expansion of globally recognized retail brands. 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.”
– Maha Ibrahim, General Partner at Canaan Partners
