Visual product search platform Slyce – The Want Engine, today announced the close of their latest funding round with over $12 millon raised, increasing their total financing to just over $27 million.
The round, closed in escrow, was completed by a syndicate of agents led by Canaccord Genuity Corp. and including Salman Partners, Cormark Securities, and Beacon Securities.
The Toronto-based startup has seen rapid traction over the last 12 months and is engaged with a number of leading North American retailers and publishers, integrating visual search technology into existing mobile commerce apps and activating web content for purchasing through images.
The 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 instantly provided with all direct, or close-matching products from the retailer’s Inventory which can be purchased instantly – at the exact moment of consumer impulse.
Mark Elfenbein, President at Slyce said, “The ability to effectively make the entire real-world a showroom has become a compelling proposition for retailers. The key benefit of the Slyce technology, and why it’s being so well received in the market, is it allows for the one click identification of products that are not only inside of the package but for those products that are unpackaged such as a women’s handbag, dress or home décor.“
In April 2014, Slyce announced its intent to list on the TSX Venture Exchange (“TSX-V”). The listing is subject to completion and the requisite approval of shareholders and regulatory authorities.