Walmart has acquired an Israeli startup known as Aspectiva to be part of its Store No. 8 incubation arm, the retail giant announced Tuesday (Feb. 26). Financial terms were not disclosed.
Aspectiva is a technology company that uses machine learning techniques and natural language processing capabilities, which Store No. 8 Principal Lori Flees said was attractive to Walmart. She said Aspectiva is making progress in “areas we believe will have a profound impact on how customers will shop in the future.”
Aspectiva was founded in 2013 and has raised $4 million, led by Jerusalem Venture Partners. Other investors include Japanese venture capital firm Global Brain, Finnish retailer Union Five and LivePerson, according to a Walmart news release.
This is not Walmart’s first investment in an Israeli firm. The retailer has also made a strategic investment in Team8, a cybersecurity startup incubator with offices in New York City and Tel Aviv, Israel. Walmart also has launched a joint venture with Eko, an interactive media and technology company that also has offices in Tel Aviv and New York.