Visual Product Search Company Slyce Will Be Going Public.
Oculus Ventures Corp, a capital pool company, upon completion, is current on the TSX-V, will acquire all the issued and outstanding Slyce shares and change the name to Slyce Inc.
The Toronto & Calgary-based startup has for the past six months, managed to successfully gain over $10.75 Million in a Series A financing round, created by Nova Scotia-based technology hub that intends to hire a total of 60 people, as well as the acquisition of Toronto Visual Search Startup Hovr.It and a computer vision technology York University.
Slyce business strategy will be providing its visual search technology to the world’s leading brands an retailers allowing their customers to capture a smartphone picture on any item they may find in the real world, or hover over an image found online, and be instantly provided with all direct, or closely matched products from a retailers inventory. Items could later then be purchased quickly, as the exact point of a consumers inspiration.
Co-founder and Managing Director of Slyce, Cameron Chell, stated during the announcement,”We are incredibly excited to be taking Slyce to the public markets and see this move as another key step towards our goal of building the next great Canadian technology company. The retail landscape is changing rapidly and we’re experiencing strong demand for this technology from a growing list of Fortune 1000 brands which see the significance in the service we offer – namely, enabling much of the physical world to be their showroom.”
Oculus stock will be halted during the close of trading Monday, April 21, 2014, and will continue to remain so pending regulatory and shareholder approvals.
Slyce is the only visual search engine of its kind, to ever exist. Never before have retailer or grands have had so much influence when it came to purchasing decisions, because never before have customer been allowed to shop in a similar manner that they can with Slyce.