Facebook May Acquire London-Based AI Startup to Help Combat 'Fake News'
Facebook is looking at buying London-based startup Bloomsbury AI, which develops advanced natural language processing technology (NLP), according to
TechCrunch reports that the social media giant may offer up to $30 million for the young company, using its technology to help combat the problem of so-called "fake news."
Bloomsbury AI has been funded by an impressive list of investors, including Seedcamp, IQ Capital and Fly Venture. It's also an alumnus of Entrepreneur First, the pre-seed investment program for technical founders, which counts fellow London startup Automata among the founders which have been through its ranks. (See Meet Eva: London-Based Automata Is Building the Robot Arm of the Future.)
Facebook's multi-billionaire founder, Mark Zuckerberg, has appeared in front of US Congress representatives to answer questions on Facebook's influence in the US presidential election. (Image: Brian Solis, Flickr)
As for what Facebook would get by acquiring Bloomsbury AI: the company has a platform named Cape, which can read a document and then answer questions about the contents. This is an impressive display of NLP, because not only is the technology reading the document and converting it to a format readable by a computer -- that's just a fancy version of OCR -- but is also digesting the contents and understanding them.
With this in mind, it's easy to see why Facebook is interested in paying tens of millions for the startup. We've contacted Bloomsbury AI for comment and will update if we hear back.
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