(Bloomberg/Kurt Wagner) – Meta Platforms Inc. has agreed to acquire Singapore-based AI startup Manas, adding a popular artificial intelligence agent as the social media company looks to build a business around big AI investments.
Meta CEO Mark Zuckerberg has made AI a top priority for his company, spending billions of dollars to hire researchers, build data centers and develop new models. Manas, which had an annual revenue run rate of $125 million earlier this year, sells its AI agents to businesses through a subscription service, which could allow Meta to recoup some of its AI investments more immediately. Financial terms were not disclosed.
Manas' parent company, which was founded in China before relocating to Singapore, raised funding at a valuation of nearly $500 million in an investment round led by US venture capital firm Benchmark earlier this year. Benchmark was criticized at the time by lawmakers and other venture investors for backing AI companies with ties to China.
Manas released its product earlier this year. The AI agent can perform several common tasks, such as reviewing resumes, creating travel itineraries, and analyzing stocks, based on basic instructions. Meta has an AI chatbot, Meta AI, available through the company's social media and messaging platforms (Facebook, Instagram, WhatsApp) in addition to AI glasses.
Meta is spending aggressively to fight off AI competition from rivals such as OpenAI, Alphabet Inc.'s Google and Microsoft Corp. Mr. Zuckerberg has promised to spend $600 billion on U.S. infrastructure projects over the next three years, much of which is expected to be AI-related. The company has hired a team of heavily funded researchers to develop a new cutting-edge AI model expected to debut next spring, but it faces skepticism from investors who worry that Meta's spending won't translate into meaningful revenue anytime soon.
Meta will acquire the technology and leadership group from Manus, but the company has not disclosed where the new team will be located within the organization. Alexandr Wang, the company's chief AI officer, joined Meta earlier this summer as part of a high-profile investment in his startup, Scale AI.
Meta said in a statement Monday that it will continue to operate and sell Manas' services and integrate them into its products.
(Updates background on Manus and Meta starting in 3rd paragraph.)
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