Digitally inclined fashionistas frequently walk around the mall, wishing their phone could let them combine their beloved pastimes of taking pictures and buying clothes.
Enter Slyce and its newly minted first institutional funding round.
The Toronto-based company developed some pretty nifty real-time technology for fashion shoppers and scored $10.75 million in the process.
Beacon Securities led this round, with PI Financial, Salman Partners, Harrington Global Inc., AlphaNorth Asset Management, and other private investors also pitching in.
What Slyce’s technology does is actually quite handy. It allows shoppers to take a picture with their smartphone — say, of a mannequin or salesperson’s outfit — and be instantly presented with the items or nearly identical products from the retailer’s inventory. Then, the shopper can immediately make the purchase.
Slyce also allows online publishers to turn any image into a clickable shopping ground.
Slyce’s app is very reminiscent of Amazon’s newly updated “Flow” feature, which also allows users to snap shots of all sorts of products and search the Amazon catalog. However, Slyce’s technology can be integrated into existing retailer apps and doesn’t require packaging or logos to recognize a product.
This latest round is bringing up Slyce’s total funding to just over $14.5 million, as the company picked up $3.75 million in seed money in May 2013.