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2/26/2019, 9:06 AM (Source: TeleTrader)
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Walmart acquires AI startup Aspectiva

American retail giant Walmart Inc. announced on Tuesday it has purchased the Israeli startup firm Aspectiva that specializes on artificial intelligence (AI) technology. According to the retailer's official press release, Aspectiva will join Walmart’s Store N° 8 that was established in 2017 and focuses on the development of ideas that can "transform the future of commerce."

"Aspectiva has developed incredibly sophisticated machine learning techniques and natural language processing capabilities, both of which are areas we believe will have profound impact on how customers will shop in the future. Israel is a hotbed of tech talent and innovation. We’re thrilled to join the growing community of entrepreneurs in Israel and see it expand within Aspectiva," said Store N° 8 Head Lori Flees.

The acquisition comes in line with Walmart's aim to create a superior customer experience and rival the current market leader Amazon. The terms of the deal have not been disclosed.

Breaking the News / VK