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Nov 23, 2022 17:22 EEST
November 23 (SeeNews) - Bulgaria-active online fashion search engine Glami said on Wednesday that it has established a 5 million euro ($5.17 million) fund, Glami Venture, to invest in companies using artificial intelligence (AI).
The fund will have available financing of 5 million euro in the first year to support projects for identifying client-oriented products, AI technologies and software, Glami said in an emailed statement.
Glami is capable of generating profit which could be used for long-term investments and projects. Apart from client-oriented projects, the company is interested in technologies to improve the development of the whole ecosystem. For instance, the firm is currently looking for opportunities in the area of the circular economy, business-to-business e-commerce or AI SaaS companies, Hodbod noted in the statement.
Overall, Glami seeks to transform from a search engine to a platform based on AI and innovative machine learning. The aim of the company is to strengthen the positions on its existing markets.
Glami was set up in 2013 in the Czech Republic. The company is active in a wide number of countries, including the Chezh Republic, Bulgaria, Slovakia, Romania, Hungary, Greece, Turkey, Croatia, Spain, Lithuania, Latvia and Estonia among others.
($ = 0.9674 euro)
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