The BIG platform

The leading provider of visual search in the Retail market

Founded: 2012
Website: slyce.it

COMPANY PROFILE

Slyce is a visual search company that builds image recognition tech to identify products, barcodes and more with a simple mobile scanner. Slyce’s most notable accomplishment is the Slyce Visual Search SDK, a plug-and-play mobile solution that allows developers to harness advanced image recognition processing in one simple universal scanner.

Universal Scanner

Real Words Products

Print & Signage (including digital)

QR Codes

Barcodes

The challenge

Slyce was an idea. There was no team, no funding, and no app – just a visionary concept and a huge gap in the multi-billion dollar retail industry. The company’s challenge was 3-fold: they needed to raise funds, build out an internal business infrastructure and win retail clients, all with no experience doing any of the above. They relied on BIG to lead the way.

How we tackled it

Slyce was pre-revenue and didn’t have the resources or freedom to try, fail, and try again. They needed established and proven growth systems. BIG leveraged our RIPKIT, our proprietary business acceleration methodology, to empower Slyce to sustainably and strategically grow their investor network, business infrastructure and customer base.

BIG WIN: WE EQUIPPED SLYCE WITH $40M IN SECURE, DIVERSIFIED FUNDING AND WENT PUBLIC

Slyce was a solid idea that needed focused development resources to come to life, which meant our first major initiative was fundraising. We developed an approach that included private investors, government grants and loans, using our due diligence chops to maintain Slyce’s financial integrity along the way. In total, we raised $40M, managed all shareholder communications and took the company public on the Toronto Venture Stock Exchange.

BIG WIN: WE BUILT RELATIONSHIPS AND WON BUSINESS WITH MAJOR RETAIL BRANDS

With visual search AI still a glimmer in the retail industry’s eye, Slyce had a unique opportunity (and challenge) to be first-to-market to both retailers and end users. BIG executed a business development strategy that positioned Slyce as the leader in visual search to build trust and brand recognition with major retailers. We managed the process from cold calling through contract negotiations, winning business with major retail brands including Neiman Marcus, Home Depot, Urban Outfitters, JCPenney and Toys“R”Us.

BIG WIN: WE BUILT SLYCE’S INTERNAL INFRASTRUCTURE WITHOUT LOSING SIGHT ON PRODUCT DEVELOPMENT

Slyce needed to stay hyper-focused on building their app to beat the competition, but a team of 3 wasn’t going to cut it. We grew Slyce to a fully functioning company of 95. First, we designed internal operations and onboarding processes that ran seamlessly in the background; later, we integrated four acquired companies into functioning teams to add talent without hurdles. Finally, to maintain a shared vision, we facilitated quarterly and weekly meetings across the entire company.

Building Impossible

Many companies would struggle to grow a visual scanning product concept into the world leader in visual search, but these are the kinds of opportunities we crave. As icing on the cake, Slyce went on to win the Nova Scotia Economic Impact Award and the Stevie Award for Startup of the Year.