Canadian startup Slyce is following in the footsteps of music recognition service Shazam and gaining popularity as a visual recognition app. TechVibes has reported that the fast growing Calgary-based firm has just completed a seed funding round that was oversubscribed and managed to raise $3.75 million. Investors clamored to put money into the startup because they see potential in the Slyce platform and how it offers “convenience of purchasing, using mobile and e-commerce, with advanced digital discovery methods such as visual recognition, QR and NFC, to give users the ability to identify and instantly purchase products anywhere, anytime.”
Cameron Chell, the founder and CEO of the firm says that, “The complexity of the platform to engage the entire e-commerce ecosystem and change the transaction from the Point of Sale to the Point of Interest is a huge disruption. We required a large seed round to credibly jumpstart the project from the technical and customer development perspectives. We are thrilled by the response from investors and the support it shows for the endeavor and work done to date.”
Slyce wants to use its technology and process to help users “cut to the purchase” by making it very straight forward to view a product and quickly purchase it online. TechVibes explains that, “Using a smart device, users take a photo of items they are interested in purchasing anywhere they find it. The platform then uses visual recognition, powered by machine and crowd sourcing inputs, to find a match. Once recognized, users will then be able to instantly purchase their discoveries and either have them shipped or, alternatively, be directed to the nearest retail location.”
Slyce has also created its on payment method to make the process smoother by offering a one click purchase option like Amazon and iTunes. For now users can makes purchases in North America.
When a user searchs for a product the system looks through its product catalog that is created from “brand identified products” along with one that have been added by users. Their are also products from affiliates like Amazon which give the app the ability to return an exact match to most queries. If there is no exact match then the system gives suggestions that are similar to the searched item.
TechVibes states that, “The ability for users to upload and tag items that they like is a key feature especially for influencers like Fashion Bloggers and speaks to the other side of Slyce focused on revenue sharing. Slyce currently has a patent pending to pay commission to the presenter of an item that is scanned through a mobile phone. This makes sure that all parties involved get a “slice of the pie” and is a powerful tool for brands to tap into the power of social commerce. For users, this is also an opportunity to earn affiliate revenue by endorsing products and sharing them with their social network.”
Source: TechVibes
Google Declares It Will Close Google Checkout on November 20, Suggests Merchants Switch to Google Wallet
LG to Exhibit 5-Inch and 7-Inch “Unbreakable and Flexible” Displays in Vancouver
Lunches So Good Kids Can’t Ignore Them
Invigorating Ginger Smoothie
The U.K.’s Youngest Parents Ever
The new hair Jennifer Lawrence