Walmart has acquired Aspectiva, an Israeli startup whose AI-based technology analyses consumer product reviews to make product suggestions to shoppers both online and in-store.
The world’s biggest brick-and-mortar retailer says that Aspectiva’s natural language processing capabilities will help it “further enhance the end-to-end shopping experience”.
Through the deal, Aspectiva will join Walmart's incubation arm, Store N° 8, which aims to uncover new commerce-related technologies.
Aspectiva has developed machine learning techniques and natural language processing capabilities which Lori Flees, Principal of Store N° 8, says are “areas we believe will have a profound impact on how customers will shop in the future”.
She added: “Israel is a hotbed of tech talent and innovation. We’re thrilled to join the growing community of entrepreneurs in Israel and see it expand within Aspectiva.”
The financial terms of the deal were not disclosed and Aspectiva says it will continue to operate from its offices in Tel Aviv.
Commenting on the acquisition, Ezra Daya, CEO of Aspectiva, said: “Our team is extremely excited to be joining Store N° 8 and be part of Walmart’s most recent investment in Israel.
“Store N° 8’s record of innovation and of developing capabilities that will transform retail as we know it makes for the perfect environment to leverage Aspectiva’s technology throughout the shopping funnel.”
This isn’t the first investment Walmart has made in the Israeli technology market.
Last year, the retailer invested in Team 8, an Israeli think tank and tech incubator; launched a joint venture with Eko, an interactive media and technology company; and joined The Bridge, a technology startup community in Israel.