PayPal Invests in British Artificial Intelligence Firm

Paypal

We humans actually have no chance. In yet another AI (artificial intelligence) move, PayPal has invested (with others) in a small startup (UK-based Cloud IQ) that aims to use AI to get people (humans…….robots don’t have money yet) to spend more online. By interpreting behavior and data, the innovation will help online sellers increase sales. And, of course, help PayPal. Wow! What will I buy today that I don’t need?
(Bill Taylor/CEO)

“US online payments giant PayPal has backed a small UK startup which is using artificial intelligence to get people spending more online.

Cloud IQ has raised £4m from the firm along with existing investors Nauta Capital, Juno Capital and the Welsh government run Finance Wales.

The London headquartered startup uses AI to interpret data and behaviour that can help online sellers increase sales.

“Through our recent partnership with Cloud IQ it is clear we share a common vision to improve the consumer journey,” said PayPal’s head of global corporate development Jeremy Jonker. “Today, Artificial Intelligence powered technology is finally able to deliver individualised consumer experiences at scale.”

Cloud IQ co-founder James Critchley said the backing was a “testament to the momentum we are building”. The startup will use the cash to hire in engineering and among it senior team, as well as opening a customer service centre in Cardiff…”

Full Story At: Cityam