Alibaba invests in Israeli QR code firm
Print Edition
ALIBABA said yesterday that it has made an unspecified investment in Israeli startup Visualead as the e-commerce giant seeks to leverage the latest QR code technology.
Visualead will use the capital from Alibaba to develop the next stage of “offline-to-online” technology.
The investment marks Alibaba Group’s first in an Israeli company as the Middle East country boasts prolific technology startups.
Visualead, which raised US$1.6 million in 2013 from Kaedan Capital and Entree Capital, has provided more than 500,000 small and medium enterprises in 200 countries and regions with QR codes that blend with image or design.
Based on Visualead’s experience, consumers are up to four times more likely to scan QR codes that are blended with visually appealing images than a regular black and white QR code.
“We believe that Visualead’s leading Visual QR Code technology will compliment our mobile marketing initiatives and enhance our ability to take advantage of the booming O2O opportunities in China,” said Zhang Kuo, director of Alibaba Group’s Mashangtao technology service.
Visualead also allows individuals to transform their websites into a QR code by uploading images to its website. The Israeli company also works with other domestic companies such as Renren and Weibo.
“Alibaba is the ideal strategic partner for distributing our technology in China, and we will be committed to making our Visual QR Code the new worldwide standard for offline-to-online engagement,” Nevo Alva, chief executive officer of Visualead, said in a statement yesterday.
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