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Meta Buys AI Startup Manus 12/30 10:11
Meta is buying artificial intelligence startup Manus, as the owner of
Facebook and Instagram continues an aggressive push to amp-up AI offerings
across its platforms.
DETROIT (AP) -- Meta is buying artificial intelligence startup Manus, as the
owner of Facebook and Instagram continues an aggressive push to amp-up AI
offerings across its platforms.
The California tech giant declined to disclose financial details of the
acquisition. But The Wall Street Journal reported that Meta closed the deal at
more than $2 billion.
Manus, a Singapore-based platform with some Chinese roots, launched its
first "general-purpose" AI agent earlier this year. The platform offers paid
subscriptions for customers to use this technology for research, coding and
other tasks.
"Manus is already serving the daily needs of millions of users and
businesses worldwide," Meta said in a Monday announcement, adding that it plans
to scale this service -- as Manus will "deliver general-purpose agents across
our consumer and business products, including in Meta AI."
Xiao Hong, CEO of Manus, added that joining Meta will allow the platform to
"build on a stronger, more sustainable foundation without changing how Manus
works or how decisions are made." Manus confirmed that it would continue to
sell and operate subscriptions through its own app and website.
The platform has grown rapidly over the past year. Earlier this month, Manus
announced that it had crossed the $100 million mark in annual recurring
revenue, just eight months after launching.
Some of Manus' initial financial backers reportedly included China's Tencent
Holdings, ZhenFund and HSG. And the company that first launched the platform --
Butterfly Effect, which also operates under the Monica.Im name -- was founded
in China before moving to Singapore.
A Meta spokesperson confirmed on Tuesday that there would be "no continuing
Chinese ownership interests in Manus AI" following its transaction, and that
the platform would also discontinue its services and operations in China. Manus
reiterated that it would continue to operate in Singapore, where most of its
employees are based.
Meta CEO Mark Zuckerberg has been pushing to revive its commercial AI
efforts as the company faces tough competition from rivals such as Google and
OpenAI, maker of ChatGPT. In June, the company made a $14.3 billion investment
in AI data company Scale and recruited its CEO Alexandr Wang to help lead a
team developing "superintelligence" at the tech giant.
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