Walmart, the world's largest stationary retailer, has today made an acquisition targeting the company's ongoing efforts to expand its e-commerce experience to compete better with Amazon. The company announced today that it has acquired Aspectiva, a startup from Israel whose KI-based technology analyzes user-generated content such as customer product reviews and combines these with a buyer's search behavior to provide buyers with product suggestions online as well as online make stores.
The startup will join Store No 8, Walmart's internal incubation arm, established in 2017, to help the company develop and launch more innovative shopping experiences. Store # 8 recently launched a VR shopping experience called "Start" called Spatial &. Last year, a closed beta version of Jetblack was launched, a text-based concierge service for "busy mothers."
It's not clear if this means Aspectiva is building a stand-alone service or working on technologies that Walmart will introduce offline as well as online in its own stores. You could see where Walmart might be able to integrate its technology to make the shopping experience less static in both scenarios, since startup is already suitable for both.
Some of its products include technologies that analyze what shoppers look for in stores, mobile phones, or in the store apps while walking to make purchase suggestions. Aspectiva also conducts product reviews to provide customer reviews for online browsers based on various product characteristics. In addition, Aspectiva creates comparison reports between different brands of the same product ̵
terms of the deal was not disclosed by the companies, but we try to find out. Aspectiva raised approximately $ 4 million in funds from investors, including Japan's KDDI and Global Brain, JVP, as well as strategic financiers LivePerson and online skate shop Union Five (Pitchbook).
Aspectiva co-founded by Eyal Hurwitz and Ezra Daya, two text analytics engineers from CRM firm Nice Systems. It looks like the entire Walmart team will join, but will continue to work in Tel Aviv's existing offices.
"Our team is extremely pleased to be part of Store N ° 8 and part of Walmart's recent investment in Israel. Store N ° 8's record of innovation and the development of capabilities that will transform retailers is the perfect environment to leverage Aspectiva's technology throughout the funnel, "said Ezra Daya, CEO of Aspectiva, in a statement.
In Walmart, the aim is to acquire more innovations, especially in order to develop newer trading borders. Last year, the company acquired most of Flipkart, which was known as the "Amazon of India" (before Amazon doubled its position compared to India, one of the fastest growing markets for electronic commerce), to make sure it is would be the Amazon of India.]
And Walmart was also active in Israel. It is a strategic investor in Team8, a startup center that designs, finances and builds startups in the country. The joint venture with the media company Eko has a $ 250 million joint venture. It's part of The Bridge, a tech accelerator that promotes Israeli startups. and last year, the Indian subsidiary Flipkart acquired Upstream Commerce to help with their own referrals and pricing algorithms.
"Aspectiva has developed incredibly sophisticated machine learning techniques and natural language processing abilities. Both areas, in our view, are profound implications for how customers will buy in the future. Israel is a breeding ground for technical talent and innovation. We are delighted to join the growing community of entrepreneurs in Israel and see it continue to expand within Aspectiva, "said Lori Flees, director of Store No. 8, in a statement.