SANTA MONICA, Calif.--(BUSINESS WIRE)--GumGum, Inc., an artificial intelligence company specializing in computer vision, announced today that it will spin off its dental division into a newly created independent business entity, which will continue to develop AI technologies that serve the dental industry. GumGum founder Ophir Tanz will step down as CEO of GumGum in order to lead the new dental entity. As part of the move, President and COO Phil Schraeder will assume the position of GumGum CEO, taking the helm of the Advertising and Sports media divisions that together represent GumGum’s core business.
“Separating GumGum’s media and advertising business lines from the dental division will allow us to create the dedicated focus and bespoke teams necessary to help both units achieve their respective goals,” said GumGum CEO Phil Schraeder. “Each industry has unique nuances and market conditions and both lines of business require targeted emphasis and attention. Ophir has done an incredible job building GumGum and I am excited to have his support as we build the next stage of growth for this company,"
The move will allow GumGum, which is enjoying its most successful year to date, to further accelerate advancement in computer vision and natural language processing technologies and develop pioneering ways to help its clients achieve their objectives.
“GumGum’s media business is mature and profitable, so the next stage of growth will require further investment in new technologies and tools for its clients. This move will enable GumGum to focus attention and resources on its core lines of business,” Ophir Tanz said. “Furthermore, the spin-out will provide the burgeoning dental business the autonomy of a true startup where we plan to leverage our AI technology to drive revolutionary advances in the dental industry. GumGum has a strong and effective leader in Phil and I am looking forward to seeing him take the company to the next level.”
GumGum will hold an ownership stake in the standalone dental entity. Meanwhile, Mr. Tanz will remain a close strategic adviser to GumGum.
GumGum is an artificial intelligence company with a focus on computer vision. Our mission is to solve hard problems by teaching machines to see and understand the world. Since 2008, the company has applied its patented capabilities to serving media-related industries, including advertising and professional sports. For more information, please visit www.gumgum.com.