E-wallet firm MoMo buys intellectual property of AI company

Thursday, Jul 01, 2021 07:25

MoMo has bought the IP of an AI company as part of its AI-first strategy. — Photo courtesy of the firm

MoMo has completed the acquisition of all the intellectual property rights of Pique AI, a company that provides artificial intelligence (AI) solutions to personalise customer experience for digital businesses.

Without mention the value of the deal, the e-wallet firm announced on Wednesday that the transaction would help MoMo innovate and optimise the experience of its 25 million registered users, supports tens of thousands of partners and promote the digital transformation of small firms.

According to the firm, the move was the first acquisition of the MoMo Innovation Ventures initiative that was launched in early 2021 to make MoMo an AI-first company.

MoMo also added the founder of Pique Trinh Xuan Tuan to its AI leadership team.

Founded in 2017, Pique specialises in providing AI technology solutions to personalise customer experience for diversified digital businesses, from e-commerce to content and entertainment such as music and video streaming.

As a leading AI company in Viet Nam, Pique successfully raised funds in 2019 from 500 Startups Vietnam (US), GS SHOP (Korea) and reputable angel investors like Tina Ju, who was an early investor in Alibaba and Baidu in China.

Nguyen Manh Tuong, vice chairman and co-CEO of MoMo said: “Pique's direction and the AI ​​solutions it develops are in line with MoMo's long-term strategy.

"We expect Pique's talented team to support MoMo in its ongoing transformation to an AI-first company and significantly optimise customer experience, towards the goal of 'Happy Users' which MoMo has persistently followed for the last 10 years."

Tuong said the deal gave MoMo additional tools to better understand the diversified needs of customers, adding MoMo hoped to develop a super app based on a strong AI technology created by a team of Vietnamese engineers that will best support small and medium enterprises (SMEs) for their digital transformation. — VNS

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