Earlier this month Slyce, an image recognition technology company, revealed their financial status in an article reported on Yahoo! Finance for the end of the fourth quarter in 2015. Slyce’s massive revenue boost comes as no surprise, even though the company is relatively new compared to many other tech companies Slyce has managed to create a lasting bond between visual search engines and the retail branch of e-commerce.
Last year Slyce launched four new apps as well as three additional advancements to current available products. They also updated and tweaked their well known universal scanner. In August of last year the announced their partnership with SHOES.com, the leading e-commerce footwear retailer in the US, who now uses Slyce’s mobile recognition platform. Now shoppers can snap a picture, either in 2D or 3D, of women’s shoes and then be directly linked to dozens of exact or similar matches available for purchase through their various websites.
At the end of October Slyce’s revenue had increased 1784% since the previous October with them raking in $1,692,292 compared to $89,803. With all of their developments the rise in production cost spiked from $6,900,310 to $11,639,430 but his cost all covered all their acquisitions over the year. Slyce’s net loss dropped significantly from the previous year. In 2014 they reported a total net loss of $17,576,576 and their total net loss for 2015 came in at $12,069,466.
Among their partnership with SHOES.com Slyce launched Slyce Link, a mobile retailer platform that harbors data from previous purchases and searches then gives the user individual specific product suggestions. In August Slyce launched a retailer focused app Coupon Author which lets retailers create mobile coupons for consumers, distribute them, and make them easy for their customers to find. Earlier in the summer Slyce launched ‘Craves’, an app focused on finding users cute and fashionable boutiques in the area as well as online-only stores. 2015 was a profitable year for Slyce and they have managed to carve out sturdy relationship between e-commerce retailers and visual search technology.