Mobile payment technology provider Paytm acquired India-based artificial intelligence (AI) technology developer Cube26 today for an undisclosed sum, allowing e-commerce company Flipkart to exit.
Founded in 2012 as PredictGaze, Cube26 initially developed connected hardware products but latterly pivoted toward developing technologies in the AI, machine learning and enterprise spaces.
Flipkart participated in the company’s only publicly disclosed funding, a $7.7m round in 2015 that was led by hedge fund manager Tiger Global Management.
Cube26’s technology will be utilised by Paytm to enhance its social and content-based offering. Paytm introduced a newly structured inbox for its app yesterday that includes live television, videos, games and real-time news and sport updates.
Madhur Deora, chief financial officer of Paytm, said: “We are excited to welcome the Cube26 team onboard. With this acquisition, the Cube26 team will work with the Paytm team to add more social engagement features to our products and services.”