Russian AI developer taken over by UK company | Central regions, Finance, business MarchmontNews.com

Central regions | Finance, business | Retail, FMCG

Russian AI developer taken over by UK company

21 Mar '19
Streetbee, a Russian developer of artificial intelligence based solutions for image recognition, earlier this year was purchased by BeMyEye, a British company.

Following the closing of the deal, BeMyEye is now valued at an estimated 50 million euros. The prior Streetbee shareholders, including UltimateVC which invested in the Russian developer three years ago, have got an aggregate 20% in the merged company.

Streetbee is using crowdsourcing and machine learning technologies to collect data on retail and FMCG outlets and pharmaceutical companies. The system is capable of automatically recognizing images and analyzing/reporting how each particular item on store shelves sells. Streetbee’s customer list includes Unilever, PepsiCo, Mars, P&G, Royal Canin, and Nestle.