In an effort to accelerate startups making an impact on commerce, GS1 U.S., a New Jersey-based not-for-profit information standards organization, hosted its inaugural pitch competition in Denver this week.
New York-based computer vision startup LexSet won the $10,000 first-place grand prize at the competition, which was created to showcase emerging technologies that could have a significant impact on commerce.
Eight startups with products that were launched between June 2017 and May 2019 were selected to present their technology capabilities and compete to win a cash prize.
LexSet's main product offering is a B2B visual search tool built for e-commerce furniture retailers and contract furniture sellers. LexSet's Visual Search allows shoppers to search for items that look similar to what’s in any scene.
The startup also uses synthetic data to build and improve systems for companies ranging from retailers to industrial part manufacturers and robotics companies.
In addition to LexSet's win, Simplista won the $4,000 second-place prize, and Locai was awarded the $2,000 third-place prize.
"Many transformative ideas are often first created by newcomers and startups," Melanie Nuce, senior vice president of corporate development at GS1 U.S., said in a statement. "GS1 U.S. recognized an opportunity to support such innovation at GS1 Connect and more fully explore the link between GS1 Standards and emerging technology to help solve our members' current and future business challenges. LexSet, Simplista, Locai and all of the competitors are disruptors to watch over the next few years."
Simplista is a a cloud-based B2B product listing platform that accelerates new item on-boarding for brands and retailers from months to days. Third prize winne, Locai is an e-commerce solution for the grocery industry.
The finalists were evaluated on their product's originality, usability and potential societal impact, as well as their overall presentation of the product while on site.
