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iTraff, the maker of the SaveUp image recognition-based mobile app we wrote about earlier has closed a second funding round of nearly half a million Euros. The investors are Cracow-based venture capital firm Innovation Nest, Rafal Han (founder and CEO of HanBright, whose educational games my kids enjoy a lot) and Stephane Senkowski. The earlier investor in the company is SpeedUp Group from Poznan.
To remind our readers, SaveUp is a mobile app, which allows finding products in online stores based on either a photo of the item, or a photo of a photo (i.e. from a magazine). Amongst other destinctions SaveUp received an award from Polish Ministry of Economy for the best commercial app.
Amazon and Ebay already offer such apps, some are based on barcode scanning, and some on the actual image recognition. iTraff plans to license the technology to online stores and intends to go global.
Arek Skuza, the CEO and a co-founder of iTraff has been covering his fund-raising adventures in his personal blog.
This is the second investment by Innovation Nest which launched in autumn last year. Its first one was in PressPad, the mobile app which allows to publish online magazines on iPad and iPhone.
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