VerSe Innovation acquires Bengaluru-based AI startup Cognirel Technologies
VerSe Innovation, the parent company of Dailyhunt and Josh, on Tuesday announced the acquisition of Cognirel Technologies, a Bengaluru-based AI solutions provider.
Following the acquisition, Cognirel founder Ram Prakash will join Verse Innovation and head the company’s new AI Lab. VerSe Innovation said that the move would help leverage cutting-edge technologies to serve its users. The AI Lab will focus on developing models through computer vision and Deep Learning to better gauge video content in terms of visual, audio, semantic, and socio-linguistic aspects. It will subsequently help the company deliver better user recommendations.
“The AI Lab will aggressively pursue neuroscience-inspired RL experiments to understand user taste-profiles, using non-intrusive, implicit behavioural signals, with the goal of boosting engagement and utility for the users,” said the company in a release.
The company pointed out that it is its first technology-led acquisition since gaining the coveted unicorn status. Earlier this month, the startup raised $100 million in a Series H funding round led by Qatar Investment Authority. Canaan Valley Capital and existing investor Sofina Group also participated in the round.
VerSe had said that it would use the capital to scale up its Josh short video sharing platform through increasing local language content offerings, development content creators ecosystem, AI and ML improvements.
The Indian internet firms have gained traction since the ban on TikTok in India last year. Since then, platforms like ShareChat (Moj), Chingari, Bolo Indya and more have gained subscribers. They have also drawn big investments from venture firms. VerSe Innovation is among the top companies aiming to grab the spot vacated by TikTok in the country.
Before the $100 million Series H funding, VerSe Innovation had raised more than $100 million from investors such as Alphabet Inc’s Google and Microsoft. The Bengaluru-based Verse Innovation is valued at more than $1 billion, acquiring the coveted unicorn status.