|By PR Newswire||
|February 19, 2014 12:00 AM EST||
SINGAPORE, Feb. 19, 2014 /PRNewswire/ -- ViSenze Pte Ltd (www.visenze.com) today announced it has closed a US$3.5 million Series A round of financing led by Rakuten Ventures (the corporate venture capital unit of Rakuten Inc), with participation from new investors Walden International ("WI") and UOB Venture Management ("UOBVM"). The investment comes within 7 months of the company's first announcement of its collaboration with Rakuten Taiwan.
ViSenze is a spin-off company of the National University of Singapore (NUS) that develops intelligent visual tools. These tools provide intelligent visual recognition, visual search, matching and recommendation functions on the Web and mobile platforms, for eCommerce and contextual advertising applications.
"Since the announcement of our beta service launch in July 2013, we have secured several pilot projects with collaboration partners like SingTel Digital Media and Zalora," said Oliver Tan, CEO and co-founder of ViSenze. "By focusing our strategy to address real world challenges in eCommerce, our technology is now used by global Internet giant Rakuten and fashion social network Clozette. We also won an award at the prestigious Singapore Infocomm Technology Federation (SiTF) 2013 Award under the Emerging Technology category."
"We are very excited to have Rakuten, WI and UOBVM backing us; their international network will help us scale faster. We will invest in accelerating the development of our own in-video visual recognition technology and are currently engaging key players in North America and China, two of our priority markets," adds Oliver Tan.
The rise of the Visual Web has enabled companies like Pinterest, Instagram and Tumblr to reach multi-billion dollar valuations. Visual search is set to change the way users search the Web, photo-sharing websites and image-based networks. With images as one of the largest drivers of referral traffic on social media today, (i)Pinterest generates 4x more revenue (per click) than Twitter and 27% more (per click) than Facebook. More innovative visual applications in the (ii)US$1.2 trillion global eCommerce industry are also set to transform the online shopping experience for consumers, making product search more intuitive and less dependent on keywords guessing. According to a (iii)United Kingdom study in 2013, 74% of surveyed consumers said that traditional text-based keyword queries are inefficient in helping them find the right items online, and 40% wished their online shopping experience to be more visual, image-based and intuitive.
ViSenze derives revenues by enabling social networks, affiliate networks and media publishers to monetize the traffic on their visual media assets, and helping e-retailers to achieve significant improvement in conversion rates on their visual merchandise with API based visual tools like reverse image search, visual-based similarity product search and recommendation.
Mr. Toru Shimada, Senior Executive Officer of Rakuten & CEO of Rakuten Asia said, "We are impressed by ViSenze's ground-breaking technology and the team's capability to take it further in the realm of eCommerce, affiliate marketing, and video advertising. This investment recognizes the transformational potential of ViSenze's technology and our confidence in the company. The Rakuten Group will clearly want to be the first to take advantage of this technology."
Mr. Saemin Ahn, Managing Partner of Rakuten Ventures, added, "We believe the company's cutting-edge visual technology, including in-video recognition capability, will render game-changing applications in contextual advertising and online video commerce."
ViSenze differentiates itself from other visual search companies by focusing and leveraging deeply on the domain knowledge of each vertical to render highly accurate search results. This enables its visual search engine to detect and recognize target objects in complex images and videos automatically while ignoring the similarly complex backgrounds. The search engine is also able to process huge amounts of visual data (including user-generated photos and videos) in real-time, and concurrently perform searches against large visual databases of related products and services. This opens up huge potential for large scale applications of ViSenze's technology in affiliate marketing and in-video native advertising. The company has also designed its core technology to be highly scalable, trainable and adaptable; all of which have enabled ViSenze's visual tools to be adapted quickly from one domain (e.g. fashion) to another (e.g. lifestyle, automobile, home decor and landmarks) without too much difficulty. This contrasts with other domain-specific visual technologies that tend to be limited in scope and cannot scale quickly.
"We are excited to invest in this young and promising company with the potential to transform the online world with its pioneering visual technology, which is already well tested in the fashion eCommerce vertical. We firmly believe that as the Web becomes more visual, ViSenze is well poised to take maximum advantage as an early mover in visual search technology," said Ms. Yong Soo Ping, Executive Director, Walden International Singapore Pte Ltd.
"Robust technologies aside, we always look for the right team. The company has a well balanced combination of founders with diverse talents, proven track record in research and development, entrepreneurship, and international business experience. They demonstrated foresight and boldness to play on the global stage right at the onset," added Mr. Wan Kum Tho, Executive Director (Investments), UOB Venture Management Pte Ltd.
Prior to Series A financing, seed-funding was provided by the four founders. The company is also supported by Spring Singapore (SPRING) and Infocomm Development Authority of Singapore (iDA) via a grant award under the Technology Enterprise Commercialisation Scheme (TECS).
The new investment allows the company to increase headcount in research, product and infrastructure development; scale up its cloud platform, and enhance its market development resources to support partners internationally
(i) Hubspot/Quicksprout-infographic (Jan 2014): http://blog.hubspot.com/marketing/pinterest-revenue-infographic
(ii) eMarketeer (July 2013): http://www.internetretailer.com/2013/06/27/12-trillion-global-payday-e-commerce
Media enquiries may be directed to:
Oliver Tan (Mr)
ViSenze Pte Ltd
Email: [email protected]
Founded by web veterans and industry leading multimedia specialists, ViSenze is an award winning spin-off company from NExT, a research centre jointly established between National University of Singapore (NUS) and Tsinghua University of China. ViSenze's mission is to unlock the intelligence captured in any rich visual content using sophisticated visual recognition technology and the company has created a portfolio of innovative multi-platform solutions: ViSearch for intelligent visual Search, ViContext for contextual analysis and recommendation, ViMobile for mobile search and recognition, and ViSight for visual driven business analytics. Through continuous large-scale rapid machine learning and practical R&D based on real-world problems, ViSenze's pioneering technology helps today's digital businesses address challenges in fast-growing visual content across web, mobile and social media platforms.
For more information, please visit www.visenze.com
Rakuten, Inc. (JASDAQ: 4755), is one of the world's leading Internet service companies, providing a variety of consumer and business-focused services including e-commerce, travel, banking, securities, credit card, e-money, e-book, portal & media, online marketing and professional sports. Rakuten is expanding globally and currently has operations throughout Asia, Western Europe and North America. Founded in 1997, Rakuten is headquartered in Tokyo, with over 10,000 employees worldwide.
For more information, please visit http://global.rakuten.com
About Walden International ("WI")
WI is a leading international venture capital firm that provides investors access to cross-order, IT opportunities with the advantage of an unrivaled Pan Asia network since 1987. The firm's funds total over US$2 billion in committed capital. WI's investments include MindTree Consulting (BSE: MTCL IN), SINA (NASDAQ: SINA), Semiconductor Manufacturing International Corp. (NYSE: SMI and HKSE: 0981.HK), AutoNavi (NASDAQ: AMAP), Inphi (NYSE: INPH), Beceem (acquired by Broadcom), WebEx (acquired by Cisco), Ndoors (acquired by Nexon Corporation) and Ambarella Inc (NASDAQ:AMBA).
For more information, please visit www.waldenintl.com
About UOB Venture Management
UOB Venture Management Private Limited (UOBVM) is a wholly owned subsidiary of United Overseas Bank (UOB) Limited. Established in 1991, UOBVM manages a family of funds, providing financing to unlisted companies through direct equity investment. Private equity investment activities span Southeast Asia and Greater China. UOBVM currently is managing more than S$600 million in committed capital from institutional and individual investors.
United Overseas Bank Limited (UOB) is a leading bank in Asia with a global network of more than 500 offices in 19 countries and territories in Asia Pacific, Western Europe and North America. Since its incorporation in 1935, UOB has grown organically and through a series of strategic acquisitions. Today, it operates in Asia through its branches and representative offices as well as banking subsidiaries in China, Indonesia, Malaysia, the Philippines, Singapore and Thailand.
For more information, please visit www.uobvm.com.sg
Application transformation and DevOps practices are two sides of the same coin. Enterprises that want to capture value faster, need to deliver value faster – time value of money principle. To do that enterprises need to build cloud-native apps as microservices by empowering teams to build, ship, and run in production. In his session at @DevOpsSummit at 19th Cloud Expo, Neil Gehani, senior product manager at HPE, discussed what every business should plan for how to structure their teams to delive...
Dec. 3, 2016 08:30 AM EST Reads: 1,344
Rapid innovation, changing business landscapes, and new IT demands force businesses to make changes quickly. In the eyes of many, containers are at the brink of becoming a pervasive technology in enterprise IT to accelerate application delivery. In this presentation, attendees learned about the: The transformation of IT to a DevOps, microservices, and container-based architecture What are containers and how DevOps practices can operate in a container-based environment A demonstration of how ...
Dec. 3, 2016 08:30 AM EST Reads: 670
"We're a cybersecurity firm that specializes in engineering security solutions both at the software and hardware level. Security cannot be an after-the-fact afterthought, which is what it's become," stated Richard Blech, Chief Executive Officer at Secure Channels, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 3, 2016 08:30 AM EST Reads: 460
"Venafi has a platform that allows you to manage, centralize and automate the complete life cycle of keys and certificates within the organization," explained Gina Osmond, Sr. Field Marketing Manager at Venafi, in this SYS-CON.tv interview at DevOps at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 3, 2016 07:30 AM EST Reads: 690
"Qosmos has launched L7Viewer, a network traffic analysis tool, so it analyzes all the traffic between the virtual machine and the data center and the virtual machine and the external world," stated Sebastien Synold, Product Line Manager at Qosmos, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 3, 2016 07:00 AM EST Reads: 497
In addition to all the benefits, IoT is also bringing new kind of customer experience challenges - cars that unlock themselves, thermostats turning houses into saunas and baby video monitors broadcasting over the internet. This list can only increase because while IoT services should be intuitive and simple to use, the delivery ecosystem is a myriad of potential problems as IoT explodes complexity. So finding a performance issue is like finding the proverbial needle in the haystack.
Dec. 3, 2016 06:30 AM EST Reads: 5,993
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life sett...
Dec. 3, 2016 05:45 AM EST Reads: 6,918
The WebRTC Summit New York, to be held June 6-8, 2017, at the Javits Center in New York City, NY, announces that its Call for Papers is now open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 20th International Cloud Expo and @ThingsExpo. WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web ...
Dec. 3, 2016 05:30 AM EST Reads: 1,198
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
Dec. 3, 2016 04:15 AM EST Reads: 1,710
Redis is not only the fastest database, but it has become the most popular among the new wave of applications running in containers. Redis speeds up just about every data interaction between your users or operational systems. In his session at 18th Cloud Expo, Dave Nielsen, Developer Relations at Redis Labs, shared the functions and data structures used to solve everyday use cases that are driving Redis' popularity.
Dec. 3, 2016 04:15 AM EST Reads: 3,421
Internet-of-Things discussions can end up either going down the consumer gadget rabbit hole or focused on the sort of data logging that industrial manufacturers have been doing forever. However, in fact, companies today are already using IoT data both to optimize their operational technology and to improve the experience of customer interactions in novel ways. In his session at @ThingsExpo, Gordon Haff, Red Hat Technology Evangelist, will share examples from a wide range of industries – includin...
Dec. 3, 2016 02:30 AM EST Reads: 1,523
WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web communications world. The 6th WebRTC Summit continues our tradition of delivering the latest and greatest presentations within the world of WebRTC. Topics include voice calling, video chat, P2P file sharing, and use cases that have already leveraged the power and convenience of WebRTC.
Dec. 3, 2016 02:15 AM EST Reads: 1,496
Without lifecycle traceability and visibility across the tool chain, stakeholders from Planning-to-Ops have limited insight and answers to who, what, when, why and how across the DevOps lifecycle. This impacts the ability to deliver high quality software at the needed velocity to drive positive business outcomes. In his general session at @DevOpsSummit at 19th Cloud Expo, Phil Hombledal, Solution Architect at CollabNet, discussed how customers are able to achieve a level of transparency that e...
Dec. 3, 2016 02:15 AM EST Reads: 747
"We build IoT infrastructure products - when you have to integrate different devices, different systems and cloud you have to build an application to do that but we eliminate the need to build an application. Our products can integrate any device, any system, any cloud regardless of protocol," explained Peter Jung, Chief Product Officer at Pulzze Systems, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 3, 2016 01:45 AM EST Reads: 777
Much of the value of DevOps comes from a (renewed) focus on measurement, sharing, and continuous feedback loops. In increasingly complex DevOps workflows and environments, and especially in larger, regulated, or more crystallized organizations, these core concepts become even more critical. In his session at @DevOpsSummit at 18th Cloud Expo, Andi Mann, Chief Technology Advocate at Splunk, showed how, by focusing on 'metrics that matter,' you can provide objective, transparent, and meaningful f...
Dec. 3, 2016 01:45 AM EST Reads: 4,533