Facebook takes over GrokStyle, invests in intelligent technology for identifying goods online
Facebook has took over the solutions developed by GrokStyle based on artificial intelligence. What’s next?
GrokStyle allows you to recognize similar items sold on the internet based on a user's photo. Its engineers are to strengthen the Facebook team dealing with the development of AI. They say, let’s begin.
GrokStyle is a startup that has developed its own technology for identifying items on the internet based on artificial intelligence. Thanks to this solution, the user can make a smartphone with a photo that covers only a fragment of, for example, a particular piece of furniture, and the system will search for matching items on the network and offer them to buy.
The technology developed by GrokStyle has already been used in the Ikea mobile shopping application. Now it is reported that the startup's original solution has been taken over by Facebook.
The value of the GrokStyle acquisition transaction via Facebook has not been disclosed. In the message, the service stated only that it would gladly include the company's engineers in the team working on artificial intelligence.
On his site GrokStyle only confirmed that he ends his activity, and his crew will take up new challenges. However, he did not directly disclose the beginning of cooperation with Facebook.
According to market observers, Facebook can use the technology taken from GrokStyle to own projects, including to develop the Marketplace platform.
Facebook's revenue in the fourth quarter of 2018 reached USD 16.91 billion. It's 30 percent more compared to the same period of 2017 (12.97 billion). The company recorded a net profit of 6.88 billion, compared to 4.27 billion USD profit in the fourth quarter of 2017 (+61 percent). In turn, in the whole of 2018, Facebook reached 55.84 billion dollars income, which means an increase of 37 percent. Net profit increased from 15.93 to 22.11 billion dollars (39%).
Facebook continues investing on its companies mostly related on Artificial Intelligence. We all know that their applications like Whatsapp or Instagram also use the AI for getting real data from its users. In the future, they will get more than what they get now to create a big data. As you may heard that messengers of Facebook are merging to become one app to get all the contacts in one database. It may come true or not, Facebook is a company that gives direction to internet technologies.
Again, we ask, what’s next?
