Top Polish venture capitals invest in image recognition technology

[Warsaw, 11 IV 2012. Offical Press Release] iTraff Technology, the leading Polish image recognition technology company, has closed it’s first funding round. Among the investors are Innovation Nest, created by Piotr Wilam (co-founder of the largest Polish web portal, and Marek Kapturkiewicz, Rafał Han from HanBright and Stephane Senkowski. This will allow iTraff Technology to continue the mobile revolution.

iTraff Technology which has just closed the first round of financing, has developed an innovative image recognition technology dedicated to mobile devices like smartphones and tablets. Its main application – SaveUp – allows to make a purchase straight from the smartphone by simply taking a picture of a product. The company is also developing customized solutions for B2B market and helps to design interactive advertising campaigns based on its photo recognition technology.

In the near future, iTraff Technology will provide an easy to use, flexible API, allowing customers to rapidly and painlessly build image recognition based mobile applications. Investors acquired undisclosed amount of iTraff Technology shares for the total of 0.5 M €.

All iTraff Technology investors share significant track record in the Internet and innovative information technology applications. Their important common feature is the great experience in creating and managing startups. The pool includes the most important Polish venture capital firms. A great example is the Innovation Nest fund. Its CEO, Piotr Wilam, was the Polish Internet pioneer who co-founded in 1998 the top web portal – Marek Kapturkiewicz is the Innovation Nest founding partner, previously long-term COO and vice president of the, expert in marketing, Internet, media and technology. Rafał Han, founder and CEO of HanBright, is a venture capitalist that has in portfolio the leading Polish media for parents and preschoolers. Stephane Senkowski is a private investor with a great experience in managing large technology companies.

Among the shareholders is also the SpeedUp Ventute Capital Group, which invested in iTraff Technology at the seed stage, earlier, in 2011. ‘We owe SpeedUp Group a lot. SpeedUp introduced us in the industry, helped us from the very first steps. I am also glad that just a year after our company was founded, we managed to close the first funding round. It ensures further development of our company and our technology. Today we have gained not only great investors, but also the outstanding experts, who work for IT industry for years. They will give us a wonderful mentoring. With their support iTraff Technology is able to create platform with API, which will provide users with an easy-to-use technology that will help them to purchase things much more quickly and conveniently. That will be our share in the mobile revolution, which is currently spreading worldwide’, says Arkadiusz Skuza, CEO of the iTraff Technology.

iTraff Technology was awarded several times both in Poland and abroad. iTraff has been rewarded in Brussels by the Europeana Foundation (which work in collaboration with the European Commission) and in the Vienna, during the Startup Week 2011 competition. In Poland, SaveUp won the Startup Fest 2011, an event organized by one of the largest home media company – Agora SA. It was also rewarded at Mobile Trends Awards for its e-commerce potential.

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