REPORT: Google Acquires Wavii For Over $30 Million
Google has acquired Wavii, a company that has developed a natural language processing app used for creating status updates for your favorite politicians, gadgets, and celebrities. The value of the transaction is rumored to be at over $30 million, according to TechCrunch. Apparently Apple outbid Google for the acquisition of Wavii.
Apple wanted to buy Wavii for their aggregation and natural summarization algorithms for Siri. To my understanding, Wavii’s 25-person team will be moving from Seattle to Google’s headquarters in Mountain View, California to join the company’s Knowledge Graph team.
This acquisition takes place shortly after Yahoo! acquired a mobile summarization service called Summly for $30 million. Yahoo! took Summly’s summarization algorithms and integrated it into their new mobile app.
Before the acquisition Wavii raised $2 million in seed funding from CrunchFund, SV Angel, Max Levchin, Felicis Ventures, Mitch Kapor, Max Ventilla, Fritz Lanman, Dave Morin, Shawn Fanning, and Rick Marini.