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Visual product search platform Slyce raises additional $12 mln

Slyce has raised an additional $12 million in funding, bringing its total funds raised to just over $27 million. The latest round, closed in escrow, was completed by a syndicate of agents led by Canaccord Genuity Corp and including Salman Partners Inc, Cormark Securities Inc and Beacon Securities Ltd. The investors were not disclosed. Based in Calgary and Toronto, Slyce has developed a visual search platform that allows consumers to buy products at the moment they discover them. Venture-backed since 2013, the company has plans to be listed this year on the TSX Venture Exchange.

PRESS RELEASE

Slyce Raises Further $12M in Funding to Bring ‘Amazon Firefly’ Style Visual Search Tech to Every Other Retailer

TORONTO, CANADA – June 23, 2014 — Visual product search platform Slyce – The Want Engine, today announced the close of their latest funding round with over $12M raised, increasing their total financing to just over $27M.

The round, closed in escrow, was completed by a syndicate of agents led by Canaccord Genuity Corp. and including Salman Partners Inc., Cormark Securities Inc., and Beacon Securities Ltd.

The Toronto-based startup has seen rapid traction over the last 12 months and is engaged with a number of leading North American retailers and publishers, integrating visual search technology into existing mobile commerce apps and activating web content for purchasing through images.

The Slyce technology enables a retailer’s customer to snap a smartphone picture of any item they find in the real world, or hover over any image online, and be instantly provided with all direct, or close-matching products from the retailer’s Inventory which can be purchased instantly – at the exact moment of consumer impulse.

Mark Elfenbein, President at Slyce said, “The ability to effectively make the entire real-world a showroom has become a compelling proposition for retailers. The key benefit of the Slyce technology, and why it’s being so well received in the market, is it allows for the one click identification of products that are not only inside of the package but for those products that are unpackaged such as a women’s handbag, dress or home décor.“

Amazon’s ‘Firefly’ Technology Raising Stakes for Every Other Retailer

Last week’s high profile launch by Amazon of their Fire phone with integrated ‘Firefly’ visual search technology, has provided further validation to the substantial role visual search is set to play in the shopping environment. It also, however, considerably raised the stakes for other retailers as it effectively makes the real-world – including traditional retailers’ bricks and mortar stores – an Amazon showroom.

Slyce to Go Public

In April 2014, Slyce announced its intent to list on the TSX Venture Exchange (“TSX-V”). The listing is subject to completion and the requisite approval of shareholders and regulatory authorities.

Other recent announcements from Slyce include:

· Creation of new technology hub expecting to employ up to 60 new staff members
· January 2014, acquisition of computer vision technology developed at York University to help augment and improve the accuracy of its existing technology
· November 2014, Slyce acquired Hovr.it, a Toronto-based tech start-up engaged in the development of a proprietary image recognition process, which allows users to “Hovr” over any image on the web and receive exact or similar product matches to those images, complete with direct, purchasable links.

About Slyce

Slyce is currently a privately held company based in Toronto, Ontario and is engaged in the business of providing advanced imaging technology visual search software that will allow consumers to purchase products at the moment they discover them – in store and on line.

Slyce has developed an advanced visual search platform that integrates with retail brands and digital content providers to give their customers the ability to instantly discover and purchase products that inspire them by simply snapping photographs with their smartphones or ‘clicking’ images on either their smartphones (mobiles) or desktop web browsers

Slyce’s strategy is to position itself as a pivotal player in the emerging visual web. Slyce will provide its technology to retailers, brands, app developers and digital publishers, enabling their apps to recognize products for instant purchase. Slyce will provide its technology in exchange for integration, licensing and per search fees, percentage sales splits and big data provision and analysis. Slyce is currently working with a growing list of fortune 1000 brands and companies as well as multiple innovative developers.

For further information and interviews, please contact;

Josh Stanbury | josh@businessinstincts.ca | T. (416) 628-7441

Photo courtesy of Shutterstock