Toronto-based startup Slyce, the advanced visual search platform which enables smartphone users to discover and buy any product in the real world simply by taking a picture, has announced today the acquisition of desktop visual search startup, Hovr.it.
Hovr.It formerly graduated from the Toronto-based startup accelerator INcubes. The startup’s technology is heavily rooted in its proprietary image recognition process, which allows users to “hovr” over any image on the web (primarily Pinterest, Facebook, etc.) and receive exact or similar product matches to those in the image, complete with direct, purchasable links.
“We’re exceptionally proud of the entire Hovr.it team and believe they have just become a part of what will be a highly notable and global company,” said INcubes founder Ben Zlotnick.
The deal will see the entire Hovr.it team join Slyce, “combining the technologies and enabling the extension of it’s advanced visual search capabilities across both mobile and desktop”. Slyce said in a release that the move gives the company “significant traction” in the rapidly escalating visual search industry.
Visual search is rapidly becoming a highly compelling proposition for leading retailers looking to satisfy consumer demand at their point of interest, both on favoured social media sites, and in the real world.
Slyce CEO Cameron Chell said “By adding the Hovr.it team and technology to the existing Slyce platform, we create a complete proposition for consumers who want to find inspiring things wherever they are and the brands, retailers and publishers who want be there at that moment of inspiration.”
On November 14 Slyce closed a $2.2 million funding round in the form of convertable debenture. Convertible debenture is bonds that can be converted into equity shares of the issuing company after a predetermined period of time.
The new funding came after a seed round was announced earlier in the year, and Slyce said at the time that it will allow the company to finalize its consumer-focused platform and further pursue extensive B2B opportunities, supplying their advanced visual search technology to brands and retailers.