Slyce Inc., a tech firm specializing in visual search and image recognition, has released its end-of-year report in a press release from Yahoo! Finance. The company announced results for its fiscal year which ended October 31st 2015. The report reveals details of a year full of strategic partnerships for the company along with rapid growth.
Slyce Inc. reports total revenues of $1,692,292 for the 2015 fiscal year. This is up from just shy of $89,803 in revenue from the previous year. Operating expenses increased markedly while the company’s net loss decreased from more than $17 million in 2014 to $12 million in 2015. Slyce maintained significant quarter-to-quarter comparison growth to finish out the year.
The press release highlights some of the big moves for Slyce that underscore the promising balance sheet growth. In August 2015, the company partnered with both SHOES.com and Neiman Marcus for use of its patented technology to facilitate easier customer engagement with the firms’ product lines. In October, Slyce announced deals with Urban Outfitters and Shoe Carnival to enhance existing app technology by making the search and find features quicker and more convenient.
Slyce also increased its technological portfolio by adding a Universal Scanner to work as an integrated recognition utility for major retailers. The technology can pick out physical items from the store as well as promotional pamphlets, retail signs, and any type of barcode. This technology, combined with the newly unveiled 3D Object Recognition and Slyce Link, which provides product recommendations for e-commerce platforms, is the big news of the company’s 2015 technology update.
The company has also announced that it has sought additional financing of up to $7 million from private investors. To date, it has acquired most of the financing it is seeking, though it continues to procure financing in the immediate future. This news comes well after the end of its 2015 fiscal year. Slyce Inc. CEO, Mark Elfenbein reinforced his company’s optimistic outlook in the report by pointing out the rapid increase in demand for search and recognition technology from retailers.