Facebook is set to acquire Bloomsbury AI, a London-based startup, as reported by TechCrunch. This is an indication that Facebook has big plans when it comes to using artificial intelligence.
Bloombury AI is a startup that focuses on machine learning and natural language processing. They have created an AI named Cape, which can read any document and answer questions based on it. They are also working to make the AI smarter so that it can get better at reasoning and making inferences.
Bloomsbury AI is funded by some of the top venture capitalists and investors like Seedcamp, Entrepreneur First, Fly Ventures, London co-investment fund, and IQ Capital.
The research done at Bloomsbury AI is trying to develop better and more efficient ways for communication. This is in line with the vision of the startup that aims to make machines more adept at reading and answering, compared to humans.
Facebook has plans to use the startup’s technology to combat the menace of fake news that has plagued its content, as reported by TechCrunch. It has already announced its plan to incorporate machine learning to help with misinformation. Bloomsbury AI technology can be used for the monitoring of the content, along with maintaining the authenticity.
The amount that is being paid by Facebook for acquiring Bloomsbury is reported to be somewhere between $23 million and $30 million. This deal also includes the stock options that might be included with the cash. Facebook is placing its bet on the Bloomsbury team, which comprises of some of the brightest minds in the field of natural language processing, along with a robust technology.
This is a step in the right direction for Facebook, but only time will tell how this turns out for them. Facebook needs to this to work to redeem itself after the recent events that have tarnished their public image.