Brian Chesky, CEO of home-rental platform Airbnb, has been running an artificial intelligence lab in stealth mode for the past year. The venture includes Airbnb CTO Ahmad Al-Dahle, who holds a 10% stake and serves as an advisor. Airbnb assigned intellectual property to the new startup for US$7.1 million.
Lab structure
The lab operated quietly for 12 months before the filing. Chesky is funding the project with his own money. Its legal name is Kaboodle Labs, though that is not expected to be the commercial name.
Quarterly results
The disclosure arrived with Airbnb's third-quarter results. Revenue rose 19% to US$4.87 billion. Earnings per share reached US$3.25, about 11% above analyst consensus.
Focus and team
Bloomberg reported in June that the lab would focus on design and user experience. The startup already has its own office and operational team. Al-Dahle left Meta in January to join Airbnb as CTO.
Airbnb also secured the right to invest in the startup in a future round. The company said the new roles do not change the executives' obligations or attention to Airbnb. Shares rose more than 9% in early trading after the results.
Read more: theinformation.com