Rare Carat Releases World's First Artificial Intelligence Jeweler Using IBM Watson Technology
Feb 28, 2017, 08:07 ET
NEW YORK, Feb. 28, 2017 /PRNewswire/ -- Rare Carat, a New York City-based startup has introduced Rocky, the world's first Artificial Intelligence jeweler, a chatbot that is helping to ease the complicated process of buying a diamond. The conversational bot was built using IBM Watson services from their development cloud and is available at www.rarecarat.com.
Part of IBM's Global Entrepreneur Program, Rare Carat relies on AI technology to help a novice diamond buyer effortlessly make an intelligent purchase, through the help of a Watson-enabled chat bot. Rocky sifts through variables that drive the price of diamonds such as carat, cut, color, clarity, polish and depth to understand cost influence. Using a mathematical filtering technique, Rocky enables diamond buyers to explore tradeoffs when considering multiple criteria for a single decision. IBM's Watson technology pulls on the deep trove of data that Rare Carat has generated over the last four months, including 10 million data points on diamond prices and parameters, as well as more than 500,000 user searches, and more than 50,000 messages the company has exchanged with users.
"Chatbots, when applied to the right industry and use case, can be incredibly helpful," said Ajay Anand, CEO of Rare Carat. "We've found that diamonds are a uniquely good fit for the medium, particularly given the very structured decision process which follows the famous four Cs of diamonds: Carat, Cut, Color, and Clarity. Rocky has proven to be an expert in the diamond buying decision process, helping our beta testers make the best decisions possible."
As part of the IBM Global Entrepreneur Program, which supports entrepreneurs through the building and scaling of their business, Rare Carat received a range of benefits in the development of the Rocky Chat Bot. In addition to IBM providing access to more than 160 industry-leading cloud services to incorporate ready-to-use capabilities, such as artificial intelligence, Blockchain, advanced data analytics and cyber security into their latest inventions, IBM also provides support aimed to connect startups to IBM's ecosystem of clients, partners, business leaders and enterprise-grade technology.
"Today's technology landscape is all about disruption – and while that concept is not new – the pace by which it is happening, is a direct result of AI technologies," said Willie Tejada, Chief Developer Advocate. "Rare Carat is another example of entrepreneurs and startups playing a vital role as disruptors, revolutionizing and creating new industries over time, with their drive, innovation and desire to bring new ideas to life."
Rare Carat is now exploring additional Watson services, including Watson Vision to read grading reports, and Rocky is programmed to learn from his conversations over time, giving diamond-purchasers access to a diamond-expert at their convenience.
About Rare Carat
In October 2016, Rare Carat launched as "Kayak for Diamonds" in Forbes. In four months, the company has found itself at the forefront of consumer innovation in the jewelry industry, leveraging cutting-edge technology in artificial intelligence, data science, and virtual reality. Rare Carat has partnered with major online and offline retailers, grown to over 20 employees, and has powered a half-million diamond searches by users. Rare Carat was also named in the top fifty of 10,000 startups in the IBM Global Entrepreneurship Program.
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SOURCE Rare Carat