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Alibaba invests in Israel startup for QR codes technology
Online Edition
ALIBABA said today it has invested an unspecified amount of money in Israel-based startup Visualead to allow the Chinese e-commerce giant to leverage latest technology of QR codes.
Visualead will be working on the next stage of "offline to online" technology using the capital raised from Alibaba.
The investment marks Alibaba Group's first investment in an Israeli company.
Visualead raised US$1.6 million in Series A funding in 2013 from Kaedan Capital and Entrée Capital, and has served more than 500,000 small and medium enterprises in 200 countries by providing them with QR codes that blends with image or design, therefore alluring more consumers from offline to online.
"Alibaba is the ideal strategic partner for distributing our technology in China and we'll be committed to making our Visual QR Code the new worldwide standard for Offline to Online engagement," said Nevo Alva, CEO of Visualead.
"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.
Mashangtao has been working with domestic online vendors and other industry partners by providing them with QR codes, thus allowing ordinary consumers easier access to online resources.
Some domestic restaurants and eateries are also using the Mashangtao service to provide QR codes to consumers and allow them to make a reservation through Alibaba's smartphone applications.
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