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Slyce Secures $12M in Series B Funding

The visual search startup plans to go public on a Toronto stock exchange.

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SLYCE SECURES $12M SERIES B FUNDING: Visual imaging firm Slyce has closed on $12 million in Series B funding, bringing its total raised to over $27 million.

The latest fund-raising round was led by Canaccord Genuity Corp. Other investors include Salman Partners Inc., Cormark Securities Inc. and Beacon Securities Ltd.

The bulk of the total funds raised occurred in March when it completed its Series A funding, according to Mark Elfenbein, Slyce’s president. Elfenbein said the fund-raising activity is part of a strategy that will enable the firm to publicly list on the TSX Venture Exchange, a Toronto stock exchange that focuses on micro and small cap companies.

The listing is still subject to completion and the requisite approval of shareholders and Canadian regulatory authorities.

Slyce enables North American retailers to integrate the startup’s visual search platform with their mobile commerce apps to allow consumers to take pictures of an item on their smartphone and then be shown closely-matching product from that retailer’s inventory that can be purchased instantly.