by Joseph Wise | May 27, 2011
With DCM and Lightspeed partners in the lead, Project Slice raised $9.4 million in Series A financing. Venture stalwarts Michael Birch, Mike Maples, Eric Schmidt and Rick Thompson are also said to be involved in the round with their respective venture firms.
Project Slice is carving out its own niche in online personal organization with a service that organizes your online receipts from all E-commerce vendors. A version which will run from the company’s website is still in beta, with participation via invite only. But if the Project Slice app intrigues you, you can test it out by signing up for a Yahoo mail account.
The company has partnered with Yahoo to bring the service to the masses for free, and it runs in the sidebar under the name “All My Purchases”. Not bad for a startup with just a 1 year history.
The product is said to be similar in many ways to TripIt in the travel field, Mint by Intuit for personal finances, and Manilla for household bills. The focus of Project Slice is all about online receipts which the company can automatically with a software that uses semantic parsing to analyse and evaluate incoming email.
Despite how it sounds, the idea is not limited to online purchases, but importantly many cutting edge physical retail stores like Apple are sending receipts for in store purchases to a buyers email. This is a trend that is likely to continue and spread. It is unclear what the monetization of the app will be. The company freely admits that they are more focused on improving the product and getting it out to the public at this stage. It’s not very difficult to imagine how the mass exposure the app is likely to receive in coming months might lead to revenue.