Founded in Taiwan and incorporated in Singapore, Viscovery, an image-recognition cloud service provider, has raised US$5 million in Series A financing from undisclosed investors.
The firm will use the investment to bolster its R&D team in image recognition, machine learning, and Big Data analytics.
Rather than having users type in the name of a product, Viscovery’s image search allows a user to take a picture of the product and then retrieve relevant information. By decreasing the friction between seeing a product and making a purchase on a mobile device, Viscovery helps e-commerce partners improve their conversion, said an official release.
With this Series A financing, Viscovery seeks to partner with research laboratories worldwide, and scholarships will be offered to students who are conducting cutting-edge image recognition and artificial intelligence research. It will also invest in a research center. On the business front, the company seeks to offer an expanded portfolio of O2O solutions, the release further said.
Earlier this year, venture capital firms in the US, China, and Taiwan invested a total of US$5 million to finance the company’s international growth. As part of the current financing, Viscovery will launch an SDK or API solution to provide easy integration with any service that requires image recognition.
“While the field of image recognition has been around for over 30 years, the creativity, innovation and commercialisation that we see today would have been impossible without a ‘perfect storm’ generated by the rise of smartphones, cheap wireless broadband, and improvements in cell phone cameras,” said Amos Huang, CEO of Viscovery.
Witnessing this convergence, Huang took it as his cue to embark on his entrepreneurial journey. He re-invested all the profits from his previous company, filed for government subsidies, and borrowed money from banks and friends. However, there was no daylight, until he got a chance to meet with Kevin Chen, Co-founder of Pinehurst Advisors, during a trip to Singapore.
With backing from Taiwan’s seed-stage investor Pinehurst Advisors in 2013, Huang was given the runway he needed to beef up his R&D and business development team, and established offices in Singapore, Japan and China.
Viscovery eagerly invite more partners to cooperate and provide more O2O solutions. Welcome to contact firstname.lastname@example.org to get more information.