Calgary-based visual search platform Slyce, which enables consumers to buy any item they see in the real world simply by taking a picture of it with their smartphone, today announced a convertible debenture raise of $2.2 million. Convertible debenture is bonds that can be converted into equity shares of the issuing company after a predetermined period of time.
The new funding comes after a seed round announced earlier in the year and 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.
Slyce also announced the appointment of a “key mobile commerce tech specialist,” to the CDO role, in Mark Elfenbein. “I saw this as a golden opportunity in a sector which has massive growth potential. In my experience, the Holy Grail for brands is to interact with shoppers at their exact moment of inspiration and Slyce has developed a unique platform making that possible,” said Elfenbrin. “Expect to see a rapid adoption of this technology in the next 12 months and utilizations by brands and retailers that will bring incredible innovation to the consumer M-Commerce experience.”
Previously Elfenbein spent five years with Mood Media in several high-level roles, overseeing the company’s sales and business development efforts during a massive growth phase, forming partnerships with some of the world’s largest retailers including Macy’s, Quicksilver and Abercrombie as well as entering into strategic technology mobile commerce partnerships with Yahoo, Shazam, Shopkick and Tripadvisor, transforming the in-store space.
Elfenbein also cofounded SkillJam.com (now GSN Cash Games), which became the Internet’s largest pay-to-play skill games company with over 25 million registered users. SkillJam was the core asset of Fun Technologies, acquired by Liberty Media in 2007 for $450 million.
“Mark will offer incredible insight and expertise as we work with more leading brands & retailers to develop their visual search strategies,” said CEO Cameron Chell. “His industry knowledge will be invaluable for our growth.”
Photo by Calgary Herald