Visual Search Leader Slyce Announces End Of The Year Finance Review

March 7th, 2016

Slyce, a tech company focused on advancing and utilizing visual search technology, recently revealed its end of the year finances for 2015. According to an article published on Yahoo! Finance Slyce made tremendous leaps in 2015. Earlier in the year Slyce announced its partnership with Shoe.com, a North American based company that also owns SHOEMe.com and OnlineShoes.com. Customers who shop on SHOEme.com can now snap pictures of shoes, both 2D and 3D, and then be given exact or similar matches available for purchase. Within a few weeks of this integration Slyce announced that Neiman Marcus had expanded Slyce’s technology to all their products which greatly increased the use of ‘Snap.Find.Shop’, a mobile app created by NM and powered by Slyce which allows users to take pictures of 3D images and then receive matching or similar results from the NM line.

Within the year Slyce had managed to close four large deals which incorporated their technology with retailers both online and in store, but those conquests weren’t the only big steps the company took. In October they announced a new line of mobile visual search tech specs that went alongside their universal scanner for retailers. A month later they announced their long awaited platform “Slyce Link”, a visual product recommendation system that suggests products the user may be interested based on past purchases. They also tweaked their current technology like enhancing their 3D recognition technology and adding a management system for 2D images stored in their apps.

This impressive list of product and contract increases led to a 1784% revenue increase from the previous year. Slyce’s operating expenses also took a massive jump, but because of the increased product distribution its not surprising. Net loss for the end of the quarter dropped from $17,576,576 to $12,069,466. Its clear by the notable jump in revenue in such a short span that Slyce’s technology is being used more and more by consumers and retailers. The Toronto based company has remained a leader in visual search technology and has created a tight-knit relationship between the growing technology and retailers.

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