Israeli digital commerce search engine company Twiggle has closed a $12.5 million series A financing round led by South African global internet and entertainment group Naspers (JSE:NPN) and with participation from new and existing investors including Yahoo Japan, State of Mind Ventures and Sir Ronald Cohen. The funding will be utilized to drive the company’s aggressive global expansion plans.
Twiggle uses advanced techniques in data science, artificial intelligence, machine learning and natural language processing to power the next generation of digital commerce. The company was founded in 2013 by CEO Dr. Amir Konigsberg and CTO Dr. Adi Avidor.
Dr. Konigsberg said, “Search is an incredibly complicated medium and this complexity has led to a situation of incremental growth and sub-standard optimization. Twiggle is infusing search with an entirely new approach that will allow digital commerce giants to redefine the shopper’s experience, increasing revenues and enabling digital commerce to reach its full potential. We are especially thrilled to have Naspers join us on this journey. They have extensive experience in building some of the world’s most powerful global digital commerce brands and their network enables Twiggle to access the prominent players in the industry from the very beginning.”
Naspers Ventures CEO Larry Illg said, “Twiggle is setting a new industry standard for ecommerce search and discovery, redefining the sector with a search platform that will bring unparalleled precision and accuracy. This investment is yet another example of our commitment to utilizing our broad network to help identify and support the most exciting digital startups.”
Published by Globes [online], Israel business news - www.globes-online.com - on April 10, 2016
© Copyright of Globes Publisher Itonut (1983) Ltd. 2016