Meta Acquires Singapore-Based Manus in AI Push

Meta has confirmed the acquisition of the artificial intelligence startup Manus as part of its ongoing strategy to enhance its digital offerings across social media platforms. The California based technology company is moving aggressively to strengthen its position in the rapidly evolving market for intelligent agents. According to the Associated Press, Meta chose not to publicly share the specific financial terms of this transaction. However, reports from the Wall Street Journal suggest the deal was finalised at a value exceeding two billion dollars.

Singapore-Based Manus AI

Manus operates as a Singapore based platform that introduced its first general purpose artificial intelligence agent earlier this year. The AI technology goes beyond simple chatbots by independently handling complex, multi-step tasks, from research and data analysis to writing code and building websites, essentially acting as a digital assistant for its paid customers to plan, execute, and delivers results with minimal human intervention. Meta intends to scale these services by integrating the capabilities of the startup into its consumer and business products such as Meta AI. The company stated that Manus is currently serving the needs of millions of individual users and businesses on a global scale.

Xiao Hong, the chief executive officer of Manus, explained that joining Meta will provide a more sustainable foundation for the platform while maintaining its current decision making processes. The startup will continue to sell and manage subscriptions through its existing application and website. The growth of the platform has been significant over the last twelve months. It recently achieved one hundred million dollars in annual recurring revenue only eight months after its initial launch.

The history of the startup involves its creation by a company called Butterfly Effect which also operates under the name monica.im. This entity was originally founded in China before it relocated its operations to Singapore. Initial financial backing for the project came from several prominent investors including Tencent Holdings, ZhenFund and HSG. Following the completion of the sale to Meta, there will be no remaining Chinese ownership interests in the business.

The platform will also stop its services and operations within China as part of the new arrangement. Most employees for the firm are currently based in Singapore where it will continue its primary operations. This move comes as Meta chief executive Mark Zuckerberg seeks to revitalise the commercial artificial intelligence efforts of the company. The firm is facing significant pressure from rivals such as Google and the creator of ChatGPT known as OpenAI.

Earlier this June, Meta made a USD14.3 billion dollar investment in the artificial intelligence data firm Scale. The company also recruited Alexandr Wang to lead a specialised team focused on the development of "superintelligence".