Visual product search platform Slyce announced it has entered into a definitive amalgamation agreement with Oculus Ventures Corp. that will enable Slyce to be publicly listed on the TSX-V. The agreement is subject to the approval of the TSX Venture Exchange and regulatory authorities.
Upon completion, Oculus Ventures, a capital pool company currently on the TSX-V, will acquire all the issued and outstanding Slyce shares and change its name to Slyce Inc.
According to the companies, the Toronto and Calgary based startup over the past six months has completed a $10.75 million A-round financing; created a Nova Scotia based technology hub that intends to employ up to 60 staff; and acquired Toronto visual search startup Hovr.It and a computer vision technology from York University.
The Slyce business strategy is to provide its visual search technology to the world's leading brands and retailers, enabling their customers 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. Items could then be purchased instantly at the exact point of consumer inspiration.