Visual product search platform Slyce announced today that it will be going public.
Slyce has entered into a definitive amalgamation agreement with Oculus Ventures Corporation which will enable Slyce to be listed on the TSX-V. The agreement is subject to the approval of the TSX Venture Exchange and regulatory authorities.
Upon completion, Oculus Ventures Corp, a capital pool company, will acquire all the issued and outstanding Slyce shares and change it’s name to Slyce Inc.
Oculus stock was halted at the close of trading yesterday and will remain so pending regulatory and shareholder approvals.
Over the past six months the Toronto & Calgary-based startup has completed a $10.75 million Series A round financing, acquired Toronto Visual Search Startup Hovr.It, acquired computer vision technology from York University, and recruited at Techvibes Toronto Tech Fest.
Slyce Co-founder Cameron Chell said of the announcement, “We are incredibly excited to be taking Slyce to the public markets and see this move as another key step towards our goal of building the next great Canadian technology company. The retail landscape is changing rapidly and we’re experiencing strong demand for this technology from a growing list of Fortune 1000 brands which see the significance in the service we offer – namely, enabling much of the physical world to be their showroom.” Chell is a frequent Techvibes’ guest contributor.
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.