The Malmö, Sweden based company who’s facial recognition powered visual search technology is very well regarded, announced on their blog this afternoon that they’ve appointed Carl Silbersky as their new CEO. In a move that seems strangely similar to Spotify’s announcement earlier, the new focus will be on developing Polar Rose’s mobile service. The fact that Former CEO Nikolaj Nyholm will remain on the board of directors gives us a good clue about what this new direction really means for Polar Rose, the respected but ultimately profitless company whose A-round was way back in 2006.
Nyholm is an entrepreneurs entrepreneur. A visionary with a history of innovative companies like community mapping project CloudMade and empathy focused digital agency Organic. Silbersky on the other hand is a former M&A consultant with private equity experience, whose most recent project, the mobile applications startup Tactel, was acquired by a private equity group within 1 year of his taking over “business development” responsibilities.
So what’s happening here? It’s likely that original venture investors Nordic Venture Partners want to divest, but can’t get a buyer without a strong mobile component to their service offering. Silbersky’s experience with mobile services and deal making seems to make him the guy that can take them there, but losing Nyholm altogether would be too large of an impairment.