GrokStyle, a startup which enables users to find the product online just by capturing its photo, has now been acquired by Facebook. © 2020 CNBC LLC. During this wave of extreme growth, Mark Zuckerberg has acquired 72 companies till date. “Our team and technology will … It has 2.07 Billion active users, which is nearly 27% of the world’s population. Date the Acquisition … "Today, we are excited to share that we are moving on as a team," GrokStyle announced on its website. "Their team and technology will contribute to our AI capabilities." GrokStyle’s technology is integrated into Ikea’s mobile app. Get this delivered to your inbox, and more info about our products and services. FORTUNE may receive compensation for some links to products and services on this website. The social network hasn't disclosed the acquisition's price or elaborated on how it'll use the startup's technology. GrokStyle posted a message on its website that said "we are winding down our business" and "moving on as a team" without mentioning Facebook. Coinbase CEO issues a warning to investors about Bitcoin risk, Trump pardons: 7 high profile people who may get one, Biden wants to change how credit scores work in America, Coinbase announces IPO in a milestone for the crypto industry, CA Notice at Collection and Privacy Notice, http://www.djindexes.com/mdsidx/html/tandc/indexestandcs.html. The GrokStyle purchase marks the second reported acquisition by Facebook this year. (Image: Bloomberg) Facebook Inc said it acquired visual shopping and artificial intelligence startup GrokStyle Inc in a move to bolster the social-media company’s own AI work.. GrokStyle… Demographic Trends Also Favor GrokStyle acquisition. Powered and implemented by Interactive Data Managed Solutions. You can argue that Twitter (NYSE: TWTR) or Snap (NYSE: SNAP) is … Grokstyle develops an app that automatically identifies furniture and home decor from just about any picture or angle. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. Data is a real-time snapshot *Data is delayed at least 15 minutes. All Rights Reserved. While IPOs might have garnered more attention, this year was also notable for its steady stream of acquisition deals. Terms & Conditions. Unquestionably, FB is the world's greatest social-media network. On the Ikea mobile app, users can snap a photo of a piece of furniture and use GrokStyle's technology to receive matches for similar products. Facebook CEO Mark Zuckerberg speaks during the F8 Facebook Developers conference on May 1, 2018 in San Jose, California. In the previous year, the Facebook acquisition … Cost of acquisition is the total of expenses incurred when a business acquires a new client or a new asset. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Partner with us to reimagine the consumer experience — visual search, inspiration, and on-point recommendations. Use the PitchBook Platform to explore the full profile. Company profile page for Grokstyle Inc including stock price, company news, press releases, executives, board members, and contact information Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell My Personal Information | Ad Choices  S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. On the Ikea mobile app, users can snap a photo of a piece of furniture and use GrokStyle's technology to receive matches for similar products. The GrokStyle purchase marks the second reported acquisition by Facebook this year. The report of the acquisition by Bloomberg did not disclose a purchase price.. GrokStyle, which was founded in 2016, is a San Francisco startup specializing in visual search. In accounting, the cost of acquisition is a line item that includes all expenses … Sign up for free newsletters and get more CNBC delivered to your inbox. FE International is an acquisition advisory team for businesses earning five figures or more.With a 94.1% sales success rate, it’s one of the top tools for micro startup acquisitions. In a blog post on the company's homepage, GrokStyle revealed that it was "moving on as a team" but did not mention anything regarding the acquisition … Earlier this month, the company bought the Chainspace company’s blockchain technology team for an undeclared price. 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