Pomvom, an AI image recognition corporation based in Israel, recently announced that it has made a deal with Merlin Entertainment for a time span of five years. As per the agreement, the AI recognition company will be given permission to operate in no less than 15 of its attractions and amusement parks, located in Europe and the U.S. Sources reported that the deal is predicted to net the Israeli company an estimated figure of $75 to $100 million. The sites in question include Legoland, London Eye, and Madame Tussauds.
The AI image recognition technology of Pomvom allows the operators on-site in the attractions and entertainment industry to provide guests with the opportunity to capture such images that were previously impossible. They can also go through and order content off of a customized digital album through the app of the attraction. All users have to do is upload a selfie-and they are sent content of them that was captured in real-time. This will automatically eliminate the need for visitors to stand in long lines to collect customized content since the operators of the app can simply just sell it to them online.
Pomvom was founded in the year 2015 by the current CEO, Yehuda Minkovicz, as well as Shmuel Assa. The company successfully raised NIS 135 million at its initial public offering (IPO) in March, made on the Tel Aviv Stock Exchange. Since then, its market capitalization has increased and reached a figure of NIS 375 million, as reported on Monday. Just last year, the company was able to raise $30 million from a private funding round.
Merlin and Pomvom have mutually decided to split the revenue, as per the deal. Before the pandemic, the 15 sites would attract a total of at least 25 to 30 million people. Right now, it is being estimated that around 6% to 8% of these visitors will be using the services provided by the AI image recognition corporation, whenever they visit these attractions.
Pomvom used to have a partnership with the entertainment company but, the deals only extended to a site at a time and for only a time period of three years. For the very first time now, Merlin has entered into an agreement with the Israeli-based corporation that includes a bunch of its parks and for a longer period of time.
In the summer of last year, Pomvom bought a digital content capture partner based in the United Kingdom (UK), called Picsolve. It was purchased for only one million pounds and for the purpose of visitor attractions. In addition, the company had suffered a death blow on account of the coronavirus pandemic.
Picsolve had managed to earn its targeted revenue of around $100 million, owing to its various photography sites in numerous attractions and amusement parks in North America and Europe. But, their income source was brought to a grinding halt when the novel coronavirus led to the closure of all these sites.