Facebook could leverage the underlying AI technology of GrokStyle as well as the start-ups employees to strengthen its own efforts in this field
Online social media and social networking service company, Facebook Inc., said that it has acquired GrokStyle – a visual shopping and artificial intelligence (AI) startup, in order to strengthen its own AI work.
GrokStyle is a start-up that has developed an AI-powered visual search engine to let the users find products. The firm’s technology was integrated into the mobile app of Ikea and was simple in practice. It allows a user to take picture of a product to match it with the same products that could be bought online.
To Bolster AI capabilities
“We are excited to welcome GrokStyle to Facebook. Their team and technology will contribute to our AI capabilities,” said Vanessa Chan, Spokeswoman, Facebook, in a statement.
However, the purchase price for the acquisition was not disclosed by her.
“GrokStyle is winding down its business, but that it is moving on as a team along with its technology,” the company said on its website. However, it didn’t reveal that it is joining Facebook.
The social media company could leverage the underlying AI technology of GrokStyle as well as the start-ups employees to strengthen its own efforts in this field. The specific technology of start-up also makes sense for Facebook Marketplace, the service for buying and selling products from other users of Facebook on its social network.
The acquisition of GrokStyle marks the second such transaction by social media giant this year. This month, Facebook bought the team behind Chainspace – a blockchain technology firm, for an undisclosed cost.
Last year, Facebook acquired nearly four companies, including start-ups that are focused on AI and messaging.