Spanish banking giant Santander has invested in Pixoneye, an Israeli technology startup, according to a press release from The Floor.
The Floor is an Israeli fintech hub located in the Tel Aviv Stock Exchange. It provides a nurturing home for new fintech businesses, and is a point of access for foreign entities looking to invest in the Israeli fintech scene.
Pixoneye was founded in 2014 by Ofir Ben-Porat and Nadav Tel-Israel. It offers “predictive personalisation through image understanding”, according to the company’s website. Through artificial intelligence, it analyses the photo/video video content of people’s mobile photo galleries, and “predicts future actions and behavioural patterns” to provide a useful tool to marketers. The company was launched in 2015 with offices in the UK and Israel.
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The investor that snapped up this opportunity is Santander Innoventures, Santander Group’s corporate venture fund. Its remit is to find new fintech products that its parent company can take on.
Ofri Ben Porat, co-founder and CEO of Pixoneye, said: “The Santander InnoVentures team’s stamp of approval means a great deal in the industry due to its meticulous due diligence, and we believe having experienced that process, we will have a big advantage as we go into our next round of funding.”
Mariano Belinky, Managing Partner of Santander InnoVentures, said: “This latest addition to our fund strengthens Santander’s position as a leader in financial services innovation and deepens our focus on artificial intelligence. We are delighted to be supported by The Floor as we continue to invest in the Israeli ecosystem.”
“The Floor supports Santander Innoventures’ investments in Israel. We are incredibly excited that Santander, a founding partner of The Floor, has invested in one of our member companies. This is yet another success story of The Floor, and just one of many more to come,” said Moises Cohen, co-founder and Director of The Floor.