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Pinterest has signed an agreement to purchase an artificial intelligence-based app and website for undiscovered amounts as the platform aims to improve its purchasing capabilities by better understanding people’s taste preferences and making buying recommendations.
Yes CEO and co-founder Julie Bornstein will be accountable to Pinterest co-founder and CEO Ben Silbermann and lead Pinterest’s buying vision and strategy by creating a new organization dedicated to Pinterest’s purchasing efforts and product recommendations. The Yes team of 48 will also join Pinterest, in addition to co-founder and CTO Amit Aggarwal, and in the months following the transaction, Pinterest will close The Yes.
Yes was co-founded in 2018 by Bornstein, former CEO of Stitch Fix, and Aggarwal, a search expert, with investors including Kirsten Green of Forerunner Ventures, Jon Callaghan of True Ventures and Tony Florence of NEA. It started as a shopping app for women that used AI to recommend items to people based on their size and taste preferences, responding in real time to user behavior. He has developed a sophisticated fashion taxonomy that can describe and classify items that are usually difficult to identify in search results. The company has hired former Taylor magazine editor Tomasi Hill as creative and fashion director and former Google luxury fashion boss Lisa Green as SVP partnerships with brands.
Yes, who integrates with retailer catalogs and handles a full transaction without buying goods, says he was able to recruit “hundreds” of retailers. But the delayed launch a few months after the 2020 pandemic gave a slower start.
Bornstein says she expected Yes to be bought in the long run and that Pinterest was the right choice. “You are always limited by resources when you are a startup. Everything worked – the business grew and we learned all these interesting things, but the thought of 400 million users is really exciting. They have such deep technological resources and an incredible computer vision. ” She adds that current buyers of The Yes can expect to see “a lot” of his technology on Pinterest in the future. As part of his new role, Bornstein says features like in-app payments are planned for Pinterest, which currently directs people to shop via external links.