IQ Engines, a US-based application to recognise images on phones, has raised $3.8m in its series B round from venture capital firm Third Point Ventures and Motorola Solutions Venture Capital, the corporate venturing unit of the eponymous US-listed telecoms equipment maker.
IQ previously raised $1m in it’s a round in June 2010.
IQ Engines’ image recognition software, VisionIQ, can identify virtually any image or object, label and categorize that object, and enable instant searches for relevant information based on this data. Its customers include Japan-based retailer Rakuten Buy.com.
Tony Palcheck, managing director of Motorola Solutions Venture Capital, said: “We see image recognition as a game-changing technology that materially simplifies the acquisition of information by consumers on their smartphones and tablets. We also see a future for this technology in more robust, mission-critical enterprise applications.
“IQ Engines is at the forefront of an important trend toward intelligent cameras that can identify real-world objects and make intelligent decisions based on the information collected. We see this as the next frontier in simplifying information acquisition and are thrilled to be involved with the leader in this growing field.”