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The financial report released by Slyce for the financial year and the fourth quarter ending October 31, 2015, shows the massive growth of this leading visual search company. There are several highlights concerning its business operations and they include the partnership entered into with SHOES.COM which is an online footwear store growing very rapidly. The company will use mobile image recognition platform from Slyce to take pictures of women’s footwear of any kind. Another highlight that year and quarter was when Neiman Marcus started using Slyce technology across all its products.
Slyce and Urban Outfitters entered into an agreement to power the mobile commercial visual search. Another agreement was between Slyce and Shoe Carnival the aim being to integrate the technology from Slyce.
The report also contained the financial update for that quarter and year. The company stopped offering its short-form prospectus. It continued its private placement financing targeting to raise up to $7 million. This was after a lead investor agreed to acquire units of the company worth $5 million. The lead investor started by acquiring $1.6 million in units of the company before acquiring additional $1.9 million. The aggregate subscriptions by the lead investor now stands at $3.5 million. The lead investor is free to acquire more subscriptions.
The report also contains the new developments seeking to improve the company’s core visual offering. New cases for visual search were introduced during that year. From the report however, it is clear that the company focused more on creating a system to ease on boarding through maximizing of integration efforts that are needed by new customers.
The specific achievements in technology included the Universal Scanner which is a new set of products in mobile visual search, Slyce Link which is the company’s proprietary technology solutions, introduction of a full 3D object recognition solution, 2D Content management System to enable the Universal Scanner detect printed media images and Coupon Author as a solution to retailers and agencies while creating optimized coupons.
The financial statements reveal that the total revenue was $1,692,292 up from $89,803 in the previous year. The operating expenses also increased as compared to the previous financial year. Net loss dropped from $17,576,576 in 2014 to $12,069,466.