Depict AI announced closing a $16 million equity round led by Tiger Global.

Depict AI, a Stockholm, Sweden-based SAAS developer for product recommendations for e-commerce stores, announced securing a new equity funding round closed at SEK 155 million ($16 million).

The money was raised from new and existing shareholders of the company, led by Tiger Global, and joined by Y Combinator, Initialized, EQT Ventures and Northzone. The round included contributions from multiple angel investors such as Fredrik Hjelm, CEO & Co-founder of Voi, Johannes Schildt, CEO & Co-founder of Kry, Carl Rivera, CEO & Co-founder of Tictail, Erik Bernhardsson, creator of the Spotify recommendation engine, Nicolas Dessaigne, CEO & Co-founder of Algolia, Vidit Aatrey, CEO & Co-founder of Meesho, Joshua Browder, CEO & Founder of DoNotPay and Finbarr Taylor, CEO & Co-founder of Shogun.

Depict AI, founded in 2019 by a (then) 17 years old Oliver Edholm, Lonis Hamaili and Anton Osika, built a software tool that provides Amazon-quality product recommendations for any e-commerce store. The solution uses an algorithm that can increase the overall e-commerce revenue by 4-6% for any store without needing any sales data at all.

Depict was part of Y Combinator in the summer of 2020 and raised a seed funding round closed at $2.7 million in October 2020.