As the online and offline worlds of retail continue to collide, Toronto-based Slyce has taken this one step further, developing technology that enables shoppers to scan products on their smartphones, initiate a search and then purchase the item instantly online, or be directed to the nearest retail location.

Known as the ‘Shazam for shopping’, the technology also allows video and audio recognition, QR and barcode scanning, and near field communication.

The company was co-founded in January 2012 by Cameron Chell and Erika Racicot, who also co founded business accelerator Business Instincts Group. T

he technology is designed to enable retailers to both target new customers and maximise returns from existing ones. Slyce closed $8.7m (£6m) in funding in May 2015, bringing the total investment to more than $37m (£25.5m), and as made several acquisitions, most recently mobile couponing app SnipSnap.

Its customers include Urban Outfitters, JCPenney and Home Depot.