Post the acquisition, Pipes’ app will be pulled off from the market as Trybeca plans to take the app’s technology ahead, according to an official statement.
The product and development team of Pipes will join Trybeca. Pipes CEO Vinay Anand will also join Trybeca’s team and will further lead in the development of new ventures.
Founded by Vinay Anand and Siddharth Goliya, Mumbai-based Pipes is a personalised news aggregator which relies totally on algorithms, neural networks, artificial intelligence and personalisation techniques to curate interest-based news. The summarisation and personalisation is completely done algorithmically, without any human interface coming into play or even the user telling the app.
The startup has raised around $200K in funding from angel investors till date.
Commenting on the acquisition, Vinay Anand, co-founder and CEO, Pipes said, “While our product received great feedback, and the number of weekly active users was very inspiring, our growth began to slow down with bigger players like Facebook who, with Instant Articles and an updated feed, really began to dominate the space. Closer to home, In Shorts was also proving to be a bigger player. It was at this time and through our conversations with VCs, and a lot of industry experts, did we realise that our technology was still very relevant and had great B2B play. It is with this thought that we’re stoked to be a part of the Trybeca family.”
Trybeca is a marketing analytics platform designed to bring curated insights, digital influencers and campaign analytics to brands in order to maximise the potential of their digital strategy.