Viscovery, an image-recognition cloud service provider which operates in Singapore and Taiwan has raised a US$5 million in Series A round. The investors are currently undisclosed, though its known that the VC firms involved originate from the US, Taiwan and China.
Launched in September 2013 by CEO and co-founder Amos Huang, The company offers its product, the Viscovery Image Recognition API, for other companies to incorporate into their mobile apps. This has applications in industry verticals like e-commerce, retail, publishing, exhibitions, conferences and marketing.
This latest funding round follows in the wake of various developments, such as securing a business partnerships and technology partnership with IBM and Amazon Web Services respectively. Viscovery’s image recognitions allows users to use photos of products to retrieve relevant data, providing an offline-to-online (O2O) solution for retailers as one its possible uses.
The capital from this Series A will go towards growing their research & development competencies, which deals with image recognition, machine learning and data analytics. It will also serve to establish a network of research partnerships with various laboratories worldwide, a research lab and fund scholarships for students conducting research in the fields of image recognition and artificial intelligence.
Viscovery also seeks to expand its portfolio of O2O solutions on an international basis. As part of this push, Viscovery plans to launch a software development kit (SDK) or application programming interface (API) solution, in order to simplify integration with services requiring image recognition.
Huang stated “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.”
A key investor credited with kick-starting the Viscovery’s launch is Pinehurst Advisors, a Taiwan-based seed-stage VC firm whose investment focus lies in the internet media, mobile and e-commerce space. Their portfolio includes companies like tech media and events firm e27, messaging apps firm Cubie and Gamelet, an online social gaming platform.