Visual product search platform Slyce today announced the close of its latest funding round with more than $10.75 million raised, increasing the company's total funding to more than $14.5 million.
The round was lead by Beacon Securities with participation from PI Financial, Salman Partners, Harrington Global Inc., AlphaNorth Asset Management and other private investors.
The Toronto-based startup has gained rapid traction over the last six months and is already working with several leading North American retailers and publishers, integrating product recognition technology into existing mobile commerce apps and activating Web content for purchasing through images, the company said in a press release.
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 provided instantly with all direct-, or close-matching products from the retailer's inventory, which can be purchased at the exact point of consumer inspiration.
"Right now, retailers are having to rapidly adapt to the changing ways consumers are choosing to shop," said Mark Elfenbein, chief digital officer at Slyce. "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."