MoMo acquires AI company Pique AI

MoMo is positioning itself as a true AI-first company with the acquisition of Pique AI

This is the first acquisition of MoMo Innovation Ventures initiative that was launched in early 2021. This transaction will ensure that MoMo continues to innovate and optimise the experience of its 25 million registered users, supports tens of thousands of partners, and promotes the digital transformation of small- and medium-sized enterprises (SMEs).

In addition to acquiring all of Pique's intellectual property, MoMo also hired its leading data science and engineering team, including Trinh Xuan Tuan, the founder of Pique.

Meanwhile, MoMo has established an AI leadership team which includes leading technology experts with the goal of becoming Vietnam’s leading AI company. The AI leadership team includes CoCEO Nguyen Manh Tuong and CTO Thai Tri Hung, among others.

In 2021, MoMo will continue to recruit more top experts and triple the number of AI personnel which includes data scientists, machine learning experts, and data engineers to transform MoMo into a true AI-first company.

Pique was founded in 2017, specialising in providing AI technology solutions to personalise customer experience for diversified digital businesses, from e-commerce to content and entertainment such as music and video streaming.

The Pique deal gives MoMo additional tools to better understand the diversified needs of customers, thereby providing personalised products and services based on each user's needs. MoMo hopes to develop its super app based on a strong AI technology created by a team of talented Vietnamese engineers that will best support SMEs for their digital transformation.

In January, MoMo announced its completion of Series D funding round including Goodwater Capital, Kora Management, and Macquarie Capital among the largest names. In total, the company is understood to have raised at least $232 million.