FAU Technology Helps Local Company Receive Funding
Florida Technology Seed Capital Fund’s First Investment in Company with FAU Technology
BOCA RATON, Fla. (April 22, 2014) – Orlando-based flexReceipts, a leading digital receipts company received funding on March 19 to support commercialization of technology licensed to them from a Florida Atlantic University patent titled “System and Methods of Image Retrieval.” Funding is being provided by the Florida Technology Seed Capital Fund, LLC (FTSCF), a subsidiary of the Institute for Commercialization of Public Research (the Institute).
This transaction marks the first investment by the FTSCF in a company that uses FAU-developed technology.
“The technology behind this patent provides a novel way to organize and retrieve visual information, which combines visual, textual and semantic information associated with each image in a collection,” said Oge Marques, Ph.D., associate professor in FAU’s Department of Computer and Electrical Engineering and Computer Science. “Based on my experience in the fields of image processing, image retrieval, machine learning and human visual perception, I believe this breakthrough technology will have high utility in commercial applications.”
This new technology has the ability to provide consumers with receipts that can be customized by retailers to include embedded video; product recommendations; links to social media; discount codes; an easy return process; warranty submission; access to rebates and more.
Since this technology integrates directly with retailers’ Point-of-Sale (“POS”) systems, businesses will be able to interact with consumers on a new level and gain insights into their shopping habits, product trends and obtain superior data analytics.
“flexReceipts allows retailers to ‘Go Beyond the Sale’ to better engage with their customers," said Tomas Diaz, CEO of flexReceipts. “And our consumer portal is helping those same customers manage their purchases and finances more efficiently using banking-level security standards.”
The technology was co-created by Marques, along with then-graduate student Liam M. Mayron, Ph.D., now assistant professor at the Florida Institute of Technology, and Gustavo B. Borba, Ph.D., assistant professor at Universidade Tecnológica Federal do Paraná, Brazil.
“Companies like flexReceipts that are based on technologies developed at Florida universities are creating jobs in key industries that will attract and keep top talent in Florida for generations to come,” said Jamie Grooms, chief executive officer of the Florida Institute of Technology.
The Institute works with Florida’s research universities and institutions to support new company creation and job growth.
For more information, contact Cheryl Halle at 561-297-1399 or email@example.com.
About the Institute :
Formed by the Florida Legislature in 2007, the Institute for Commercialization of Public Research is a non-profit organization that works collaboratively with the technology licensing and commercialization offices of Florida’s state universities and private research institutions to leverage a $2B+ research base and form investable companies that create clean jobs in new industries that are driving the global economy. Over 100 new company projects have been identified across the state, and in the Institute deploys both company building and company funding programs to promising Florida companies. Twenty- six companies have been funded since the program’s inception. http:// www.florida-institute.com.
About flexReceipts :
flexReceipts, the leading enhanced digital receipts solution, offers retailers a post-sale opportunity to communicate with their customers. flexReceipt’s enriched receipts build customer loyalty and drive sales, while allowing retailers to monitor spending habits and shopping trends. The company’s patent-pending software allows retailers to add social media links, videos and customized offers to digital receipts. Go Beyond the Sale. Learn more at www.retail.flexreceipts.com .
About Florida Atlantic University:
Florida Atlantic University, established in 1961, officially opened its doors in 1964 as the fifth public university in Florida. Today, the University, with an annual economic impact of $6.3 billion, serves more than 30,000 undergraduate and graduate students at sites throughout its six-county service region in southeast Florida. FAU’s world-class teaching and research faculty serves students through 10 colleges: the Dorothy F. Schmidt College of Arts and Letters, the College of Business, the College for Design and Social Inquiry, the College of Education, the College of Engineering and Computer Science, the Graduate College, the Harriet L. Wilkes Honors College, the Charles E. Schmidt College of Medicine, the Christine E. Lynn College of Nursing and the Charles E. Schmidt College of Science. FAU is ranked as a High Research Activity institution by the Carnegie Foundation for the Advancement of Teaching. The University is placing special focus on the rapid development of three signature themes – marine and coastal issues, biotechnology and contemporary societal challenges – which provide opportunities for faculty and students to build upon FAU’s existing strengths in research and scholarship. For more information, visit www.fau.edu.