Central regions | Finance, business | Retail, FMCG
Brits buy Russian AI developer
18 Jan '19
Streetbee, a Russian developer of artificial intelligence based solutions for image recognition, has been purchased by BeMyEye, a British company, the Russian business daily Kommersant reported.
Following the closing of the deal, BeMyEye will be valued at an estimated 50 million euros. The current Streetbee shareholders, including UltimateVC which invested in the Russian developer three years ago, are expected to get an aggregate 20% in the merged company.
Streetbee is using crowdsourcing and machine learning technologies to collect data on retail and FMCG outlets and pharmaceutical companies. The system is capable of automatically recognizing images and analyzing/reporting how each particular item on store shelves sells. Streetbee’s customer list includes Unilever, PepsiCo, Mars, P&G, Royal Canin, and Nestle.