Slyce is actually aToronto-based startup. the company has currently managed to raise approximately $10.75 million in its funding. The company has done under the leadership of Beacon Securities, among others groups. The company is famed for building the image recognition tech. the main objective of Slyce is to become the Amazon Flow for any retailer anywhere in the world.
For those who do not know what Amazon Flow, it’s actually an app from retailers that enables shoppers to point a mobile phone camera at their products and correctly locate the Amazon listing. The app is quite useful for shoppers who are doing comparison shopping, and it helps in driving more purchases to the Amazon’s mobile platform. For the process to be very successful, a product should be in its original packaging, since the process depends a lot on OCR, the logo identification and various other visual shorthand cues.
According to the Chief Digital Officer Mark Elfenbein,Slyce doesn’t give its users any limits. The app is easily able to identify any products, despite their current location or even their outside packaging. That’s a great advantage, which will definitely help clients to drive more purchases in to their operations. The app actually depends more on the unique attributes of the product, and it is not so much concerned about the logo or even the texts on it.
Apart from partnering with other major retailers, Slyce is also trying to explore other opportunities by the using image recognition to tag products for mobile gift registries.it is also receiving coupons for the products identifications.
According to the chief digital officer, sylce has brought together the use of machine technology with a robust human crowdsourcing element. Elfenbein told the press that the machine actually does a big percentage of the total work, if not all of the required work. However,in the cases where it is impossible to come down to equal matches, then they mostly rely on the human crowdsourcing element, which serves as their own employee in the finishing touch and offering 100% determination in the job.
Slyce currently has a lot in the bank, but it is planning to still accrue more than that. Mr. Elfenbein said that they were planning on going out to raise another round in the next two or even three months. They actually expect that will be bigger than the most recent round. If this will be successful, then it will help to continue its pace in hiring and also in its acquisitions.
This is expected to be a very competitive season in the market, and Slyce is already preparing itself so that it will be able to defend its advantage. The most important thing now will be the way its tech works in the live integrations, as it looks to expand its presence by the adding more platform partners.