Alibaba to Invest in Search Developer Twiggle
Rina S. | | Jun 02, 2016 09:45 AM EDT |
(Photo : Getty Images/ChinaFotoPress) Alibaba is expected to invest about $5 to $10 million in Toggle.
Alibaba is betting big on Artificial Intelligence by investing in Israeli search startup firm Twiggle. The investment will help the Chinese e-commerce giant to boost its position in the sector.
Through this investment, Alibaba will get access to Twiggle's search technology which can help the company to refine the features of its online shopping service.
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Alibaba has not issued any statement about the terms and conditions of the investment. However, the Chinese company is expected to invest between $5 to $10 million in the startup. Twiggle is currently on a fund-raising drive to establish offices in the US and boost its engineering team in Israel.
Alibaba previously made a minor investment in another Israeli firm engaged in the field of QR coding.
Amir Konigsberg, co-founder and CEO of Twiggle said, "With nine million different sellers, Taobao is one of the biggest and most challenging sites out there." Taobao is owned by Alibaba. Twiggle CEO further stated, "What our system is able to do is adapt itself to specific retailer data and structuring pattern."
Alibaba stocks more than a billion products on its various marketplace websites such as Taobao and TMall. Twiggle's search technology may help the company to transform the way customers search for products on Alibaba websites. There is growing demand for efficient searching tools on e-commerce websites as this helps improve the shopping experience of customers.
Twiggle was founded three ago back by ex-employees of Google.
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