Facebook has made it official that it has acquired AI startup GrokStyle for an undisclosed amount. The company’s spokesperson Vanessa Chan confirmed that news and said that the new acquisition will help strengthen the stand of Facebook in the exploration of AI capabilities.
Announcing the same to the world, GrokStyle has started to issue a notification on its website that it was winding down its business. But also mentioned that its team will be moving to Facebook’s board and will carry forward its innovative technology alongside.
Founded in 2015, GrokStyle- the San Francisco’s based startup used to offer AI and visual search technology to the retail sector. It allows its users to take a picture of an object such as a chair and helps match it with similar products available online- thus making it easy for furniture buyers to shop for the best. Furthermore, the AI startup helps its consumers find, explore and purchase exclusively as it has partnered with major retailers across the globe.
GrokStyle happens to be a second acquisition of Facebook in this year as it has already purchased a blockchain technology company named ‘Chain Space’ in Jan’19.
In the year 2018, Facebook is said to have acquired over 4 companies related to AI and messaging services.
On a simultaneous note, the social media giant led by Mark Zuckerberg Company has also decided to expand its charitable services further this year. So, more blood donation campaigns in the US can be expected in the next few months.
Also, the world’s top social media giant has also decided to launch a messaging app called LOL soon. Also, a Messenger Kids app targeted at users below the age of 13 is expected to be launched by Sept’19.