Intel is not disclosing any financial terms of the deal, nor who from the startup will join Intel. Cnvrg, co-founded by Yochay Ettun (CEO) and Leah Forkosh Kolben, had raised $8 million from investors that include Hanaco Venture Capital and Jerusalem Venture Partners, and PitchBook estimates that it was valued at around $17 million in its last round.
It’s a strategy Quek said is fundamental to the company’s mission of inspiring “every person in the world to start selling and buying.” To help with that, Carousell now draws heavily on artificial intelligence (AI) to speed up the selling process. Image recognition, for instance, will automatically identify items and apply the appropriate categories and tags. Ultimately, Carousell wants to reduce listing times from 30 seconds to just three. “We’re doing a lot of things around AI,” said Quek. “We want to make selling even simpler, so today you can already take a photo, your category will be suggested, your title will be suggested, your price will be suggested.”