eBay is laying down a reported $30 million for Israeli startup Corrigon, incubated in Tel Aviv’s The Time incubator, the two companies announced Thursday morning. The value of the acquisition is reportedly upwards of $30 million, though the companies would not confirm exact figures.
Corrigon is another good example of an industry that has been budding in Israel: computer vision. eBay clearly is looking to better integrate descriptors and visual analysis into its product search, the main focus of Corrigon’s technology.
Their technology is built on deep neural networks and “fine-grained object detection,” a highly precise form of image recognition. The possibilities, theoretically, are endless for shoppers. Their technology would allow eBay users to search for items that appear in given photos, perhaps designer handbags owned by celebrities or the design of an instrument used by someone in a major rock band.
“Corrigon’s state-of-the art visual search technology enables fine grained product detection within images. We look forward to applying our expertise and technology to eBay’s platform, which has more than a billion product images,” said Corrigon Co-founder and CEO Avinoam Omer, who previously founded Microsoft acquisition Zoomix. “Working in partnership with eBay’s structured data team, we will help eBay sellers list more efficiently and eBay buyers find what they are looking for faster in order to increase customer sales conversions.”
It’s the third buy of the year for the auction giant after SalesPredict and Expertmaker. Corrigon’s team will move to eBay’s Israeli Development Center in Netanya where eBay bases its structured data operations, led by eBay VP Amit Menipaz. From there, Corrigon will focus on image processing, data enrichment and “creating product experiences.”
“Corrigon represents eBay’s third acquisition in the structured data space this year, further underscoring our commitment to powering deeper inventory insights for our sellers and compelling new user experiences for our buyers,” Menipaz said in a statement.
Founded in 2008 by Avinoam Omer and Einav Itamar, Corrigon has been incubated at The Time in Tel Aviv.