Cortexica Visual Systems, a leading provider of cloud-based image recognition systems, raises £2.3M from Imperial Innovations
Imperial Innovations (AIM: IVO, “Innovations” or ‘The Group’) has invested a further £2.3 million in Cortexica Visual Systems Ltd. (‘Cortexica’) the visual search company. The investment is in the form of a convertible loan, which remains unconverted and thus does not impact the Group’s holding in the company. As at 31 July 2014, Innovations had a 30.0% interest in the issued shared capital of Cortexica with such interest having a fair value of £5.4 million.
Cortexica is a London-based leading provider of cloud-based image recognition systems and mobile visual search technology. The company has developed image recognition, visual search and categorisation software for businesses with an online presence, based on original research from Imperial College London.
Cortexica’s leading product is findSimilar™ for fashion which returns visually similar items from an online database or inventory when users take a photograph of a piece of clothing or an accessory with their mobile device. Cortexica’s business model is to provide its findSimilar™ technology on a software-as-a-service (SaaS) basis to large fashion retailers or fashion retail aggregators, who will then deploy the technology to their customersvia their smartphone applications. In recent months the company has made significant commercial progress signing up a number of major traditional and online retailers, such as Macy’s, Very.co.uk and Zalando as customers.