Facebook on a buying spree as it acquires AI-based ServiceFriend and CTRL-Labs

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Facebook (FB), the world’s largest and number one social media network is nowadays on a buying spree of companies. The social media giant headquartered in Menlo Park, California has acquired a NY based startup named CTRL-labs for an undisclosed amount recently.

CTRL-Labs is an AI-based startup which offers armbands which translate digital impulses of the wearing person into a digital input signal. Facebook is thinking to develop the technology in such a way that its users can just emulate their thinking directly into words without typing or using the touch screen interface.

Thomas Reardon who happens to be the CEO and founder of CTRL-labs will be joining the payrolls of Facebook by November this year.

Note- A source from Bloomberg says that the deal might have cost FB anything between $500 Million to $900 Million.

Going with the other deal which was made by the Mark Zuckerberg’s led FB recently, the social media giant is said to have acquired an Israel based AI-based startup named Servicefriend in August this year. Servicefriend is a web service-based company which renders services via AI-based Chatbots.

Business analysts say that the technology acquired from the new company will be integrated into Facebook Calibra which happens to be an upcoming digital wallet useful to store Libra Cryptocurrency.

Probably the plan is to use the chatbots of Servicefriend to offer hybrid customer service to users of Calibra and for Libra Cryptocurrency in future.

Note- Facebook is planning to launch its Libra Cryptocurrency in early 2020 and will receive the support of USD, the EURO, the Japanese YEN and the Pound Sterling along with some backup from Indian Rupee. However, still, none of the nations which support the above-stated fiat currency have endorsed Libra as the legal trading currency unit in their respective nations, while France and Germany have labeled Libra as a potential threat to consumer protections and monetary sovereignty.