TORONTO – A Toronto-based startup specializing in mobile visual searches says it has raised more than $10.75 million in its latest round of funding.
Slyce says this latest cash infusion has increased the company’s total funding to $14.5 million.
The startup uses product recognition technology to allow customers to be linked to an item available for purchase from a retailer after they take a photo of the item, or a similar one, on their smartphone.
Slyce says the technology also allows customers to snap photos of items they would like to buy while in a store, and be automatically billed as they leave.
The latest round of funding was led by Beacon Securities, with contributions from PI Financial, Salman Partners, Harrington Global Inc., AlphaNorth Asset Management and other private investors.
Mark Elfenbein, the company’s chief digital officer, and former president of Mood Media North America (TSX:MM), says that retailers can use this direct marketing to engage potential customers.
“Right now, retailers are having to rapidly adapt to the changing ways consumers are choosing to shop,” Elfenbein said.
“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.”