Slyce Raises $8.7 Million to Take Advantage of ‘Appetite in the Market’

Visual product search platform Slyce recently announced the closing of its latest financing with a raise of $8.7 million.

This latest round brings the total funding to date to just over $36 million. 

The financing was led by Salman Partners and Beacon Securities with PI Financial also participating. 

“This latest round of financing is highly significant to the organization as it enables us to take full advantage of this appetite in the market and increase our ability to efficiently onboard the world’s largest retailers,” said Slyce CEO, Mark Elfenbein.

The Slyce product image recognition platform, when integrated into leading brand and retailer apps, enables shoppers to snap a picture with their smartphone of any 3D or 2D item, in any environment, and be presented with direct or closely matching products from the retailer’s inventory, which can be purchased at the point of impulse.

In January, Slyce acquired leading US mobile coupon app SnipSnap. In 2014, Slyce acquired mobile app development agency DriveTrain and visual search shopping app Pounce.

Slyce’s latest visual search enabled fashion discovery app Craves is scheduled for launch in June 2015.