VerSe Innovation Pvt. Ltd, the parent of online news and content platform Dailyhunt and short video app Josh, said it has acquired Bengaluru-based AI solutions provider Cognirel Technologies Pvt. Ltd. Recently, VerSe entered into the famed unicorn club of startups.
Post acquisition, Cognirel founder Ram Prakash will join VerSe’s board to head its newly instituted AI lab, VerSe said in a statement without disclosing financial details of the transaction.
The acquisition will help VerSe boost its plan to create cutting-edge digital capabilities to serve the emerging content needs of millions of consumers using technology.
Commenting on the development, Virendra Gupta and Umang Bedi, VerSe co-founders, said: “We are very proud of the momentum on VerSe and with this acquisition, we move a step further on our strategic expansion path for our family of apps focused on Bharat.”
They added that with this acquisition, they feel confident in taking its products into digitally emerging markets across the world that have very distinct local characteristics.
Earlier this month, VerSe received more than $100 million as part of its Series H round of funding led by sovereign wealth fund Qatar Investment Authority and US-based alternative asset manager Glade Brook Capital Partners.
Dailyhunt was launched as NewsHunt by former Nokia executives Umesh Kulkarni and Chandrashekhar Sohoni in 2009 and sold to VerSe in 2012. It was rebranded as Dailyhunt in August 2015.
VerSe uses a proprietary algorithm to deliver personalised news content. It offers news articles and other content licensed from thousands of partners in at least 15 languages. In June 2020, the company acquired hyperlocal-focused peer LocalPlay for an undisclosed amount.
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