Partpic, Inc. Company Profile

Background

Overview

Partpic, Inc. was a technology company specializing in visual search solutions for replacement parts. Founded in 2013 and headquartered in Atlanta, Georgia, Partpic developed a proprietary visual recognition technology that enabled users to identify and purchase maintenance, repair, and operations (MRO) parts by capturing images with a mobile device. This innovation aimed to streamline the parts identification process, reducing the time and effort traditionally required to locate specific components.

Mission and Vision

Partpic's mission was to simplify the search and procurement of replacement parts through advanced image recognition technology. By leveraging visual search capabilities, the company envisioned transforming the MRO industry by providing users with an efficient and user-friendly method to identify and acquire necessary parts.

Primary Area of Focus

The company's primary focus was on developing and deploying visual search technology tailored for the MRO sector. This involved creating software solutions that allowed users to photograph a part and receive immediate identification and purchasing options, thereby enhancing the efficiency of maintenance and repair operations.

Industry Significance

Partpic's innovative approach addressed a significant challenge in the MRO industry: the complexity and time-consuming nature of parts identification. By introducing a visual search mechanism, Partpic contributed to the modernization of parts procurement, offering a solution that bridged the gap between traditional methods and the digitalization of industrial processes.

Key Strategic Focus

Core Objectives

Partpic aimed to revolutionize the parts identification process by providing a seamless, image-based search experience. The company's objectives included:

Enhancing User Experience: Simplifying the process of finding and purchasing replacement parts through intuitive visual search technology.

Integrating with Industry Platforms: Collaborating with industrial distributors and retailers to incorporate Partpic's technology into their existing platforms, thereby expanding its reach and utility.

Specific Areas of Specialization

Partpic specialized in:

Visual Recognition Technology: Developing algorithms capable of accurately identifying parts from images.

Mobile Application Development: Creating user-friendly mobile applications that facilitated the capture and identification of parts.

Enterprise Software Solutions: Providing software solutions that integrated with enterprise systems to assist customer service representatives in parts identification.

Key Technologies Utilized

The company employed several advanced technologies, including:

Computer Vision Algorithms: To analyze and match images of parts to a comprehensive database.

Machine Learning: To improve the accuracy and efficiency of the identification process over time.

Mobile Development Frameworks: For building cross-platform applications compatible with various mobile devices.

Primary Markets Targeted

Partpic primarily targeted:

Industrial Distributors: Companies involved in the distribution of industrial parts seeking to enhance their customer service capabilities.

Retailers: Businesses aiming to offer a more efficient parts identification and purchasing experience to their customers.

Maintenance and Repair Professionals: Individuals and organizations requiring quick and accurate identification of replacement parts.

Financials and Funding

Funding History

Partpic secured a total of $1.5 million in seed funding over two rounds. The latest funding round occurred on June 18, 2015, raising $1.5 million.

Notable Investors

The company's investors included:

Comcast Ventures Catalyst Fund: Invested in Partpic's seed round, recognizing the potential of its visual search technology in the MRO industry.

AOL Co-Founder Steve Case: Participated in the seed funding, highlighting confidence in Partpic's innovative approach.

ARC Angel Fund: Provided early-stage investment, supporting Partpic's growth and development.

Utilization of Capital

The funds were utilized to:

Enhance Technology Development: Refining the visual recognition algorithms and expanding the parts database.

Expand Market Reach: Integrating the technology into mobile applications and websites of wholesalers and retailers.

Support Operational Growth: Scaling operations to meet the demands of enterprise clients and end-users.

Pipeline Development

Partpic's pipeline focused on:

Product Enhancement: Continuously improving the accuracy and speed of the visual search technology.

Market Expansion: Broadening the adoption of its solutions across various industries requiring MRO parts.

Strategic Partnerships: Forming alliances with major distributors and retailers to integrate Partpic's technology into their platforms.

Technological Platform and Innovation

Proprietary Technologies

Partpic developed proprietary visual recognition algorithms capable of accurately identifying parts from images, streamlining the parts identification process.

Significant Scientific Methods

The company employed machine learning techniques to enhance the accuracy and efficiency of its image recognition system over time.

Leadership Team

Jewel Burks Solomon – Co-Founder and CEO

Jewel Burks Solomon co-founded Partpic in 2013, serving as the CEO. Prior to Partpic, she worked in enterprise sales at Google and in sales management at McMaster-Carr Industrial Supply. Under her leadership, Partpic secured over $2 million in seed funding and was acquired by Amazon in 2016.

Jason Crain – Co-Founder and COO

Jason Crain co-founded Partpic and served as the Chief Operating Officer. He played a pivotal role in developing the company's visual recognition technology and expanding its market presence.

Nashlie Sephus, Ph.D. – CTO

Dr. Nashlie Sephus served as the Chief Technology Officer, overseeing the technical development of Partpic's products. She contributed significantly to the advancement of the company's image recognition algorithms.

Leadership Changes

In 2016, Partpic was acquired by Amazon, leading to changes in the company's leadership structure as it integrated into Amazon's operations.

Competitor Profile

Market Insights and Dynamics

The MRO industry is a $120 billion sector characterized by a complex and time-consuming parts identification process. Traditional methods often involve manual searches and reliance on part numbers, which can be inefficient and error-prone.

Competitor Analysis

Key competitors in the visual search and MRO parts identification space include:

Slyce: Offers image recognition solutions for various industries, including retail and MRO.

Scanbot: Provides barcode and QR code scanning solutions with image recognition capabilities.

Partly: Develops digital solutions for industrial maintenance teams, focusing on parts identification and procurement.

Strategic Collaborations and Partnerships

Partpic's acquisition by Amazon in 2016 allowed the company to leverage Amazon's extensive e-commerce and logistics infrastructure, enhancing the reach and scalability of its technology.

Operational Insights

Partpic's integration into Amazon's ecosystem provided access to a vast customer base and advanced technological resources, positioning the company to further innovate and expand its offerings in the MRO parts identification domain.

Strategic Opportunities and Future Directions

Post-acquisition, Partpic's technology continues to be utilized within Amazon's platforms, contributing to the enhancement of parts identification and procurement processes. The strategic direction focuses on:

Innovation: Continuing to develop and refine visual recognition technologies to improve accuracy and user experience.

Integration: Seamlessly incorporating Partpic's solutions into Amazon's existing services to provide comprehensive parts identification capabilities.