A US-based startup, GrokStyle has been bought by Facebook (the amount hasn’t been disclosed yet, But I bet it is huge). The primary goal behind this deal is to boost the use of Artificial Intelligence in the user’s shopping.
GrokStyle founded in 2015 in San Francisco also announced on their LinkedIn page that the Social Media Giant, Facebook had acquired the startup. So, the news is official.
The Facebook spokeswoman Venessa Chan said, “We are excited to welcome GrokStyle to Facebook. Their team and technology will contribute to our AI capabilities.”
The aim behind using AI technology Is to allow people to use an image of an object to find the right kind of similar pieces in the store. For example, if you want a matching of your furniture, you just need to take an image of it, and then you can visually find the matching furniture pieces available in the market.
In a blog post, GrokStyle wrote, “We are excited to share that we are moving on as a team and we will continue using our AI to build great visual search experience for retail.”
Venessa added, “The GrokStyle team & their technology will contribute to our AI capabilities.” But she denied revealing the deal price that Facebook paid to the visual shopping startup.
This deal looks prominent as the technology GrokStyle has been using will work well for the marketplace of Facebook which is the service that allows Facebook users to buy & sell items on this world’s most accessed social media network.
But, the GrokStyle is not the only startup that has been acquired by Facebook in recent times. Earlier this month, the company bought the Chainspace company’s blockchain technology team for an undeclared price. In the previous year, the Facebook acquisition includes Confirm.io (ID verification AI company) and Redkix (Enterprise Messaging Platform).
What are your thoughts on this Facebook acquisition? Do you think it will change the shopping experience of the users? Share your inputs in the comment section below.