Slyce raises $10.75 million
Slyce has raised $10.75 million in funding led by Beacon Securities with participation from PI Financial, Salman Partners, Harrington Global, AlphaNorth Asset Management, and several private investors. Slyce has now raised a total of around $14.5 million.
Slyce is a visual product search platform that works with retailers and publishers to integrate product recognition technology into existing mobile commerce apps and activated web content for purchasing through images. Slyce lets customers take a smartphone picture of any item that they find in the real world or hover over any image online, which can be purchased instantly.
“Right now, retailers are having to rapidly adapt to the changing ways consumers are choosing to shop. Visual product search literally puts the retailer wherever their customer is when they become inspired to buy a product, making the entire physical world a showroom. This is a major disruption to the industry as it stands right now,” stated Slyce Chief Digital Officer Mark Elfenbein.
When Amazon launched Amazon Flow Style Mobile Visual Search capabilities, there was an increase in interest for Slyce from retailers that want to offer a similar type of shop-by-camera capability for customers.