Snap Inc. has acquired augmented reality startup AI Factory Inc., the company that helped it develop its recent Cameos feature.
One might think that Snap has been laying low during the last few years, but the reality is quite different. The company has been making strategic moves behind the scenes.
The Santa Monica-based social platform and pioneer of face filters and the Stories format has been steadily growing its teams and acquiring partners to improve its core product and its AR features.
Its most recent acquisition is that of AI Factory – a San Fransisco-based startup that builds AR software – for a reported $166m, just last week on Jan. 4. On a side note, AI Factory is also the company that helped Snap to develop its recent Cameos feature. The details of its exact offering and remain a bit obscure, as its website explains it builds “AR products with focus on image and video recognition, analysis and processing.”
According to sources AI Factory is expected to operate as a subsidiary within the main business organization.
According to CrunchBase, AI Factory was founded in 2018 and has had the backing of investors early on. Its team includes a group of “young scientists, coding monsters and creatives eager to make lives better with the help of AI.”
The company’s co-founder and CEO, Victor Shaburov, was actually Snap’s director of engineering for a number of years (2015 to 2018). The first time he joined Snap is when another company he founded – Looksery Inc. – was acquired by Snap.
You might also like
More from Snapchat
Brands Can Now Have Their Own Profiles On Snapchat
Snapchat brand profiles will let some brands have their own profiles as part of a beta test, before offering it …
Snap Focus: Six Courses To Get Your Snapchat Ads Manager Certification
Snapchat's free Snap Focus course helps you master advertising on its platform and complete your Snapchat Advertising Essentials certification.
How To Use Snapchat’s Vertical Video Conversion Tool
Snapchat's Video Conversion tool lets you convert any horizontal videos you might have, and use them as ads in your …
Snapchat Introduces Minis, Third-Party Apps That Live Inside Chat
At Snap's Partner Summit, Snapchat debuted Minis, a collection of lightweight third-party apps that come to life inside the app's …
Snapchat Stops Promoting Trump’s Stories On The Discover Homepage
Snapchat has announced it will no longer promote Donald Trump's Stories on its Discover homepage. His public account won't be …
Snapchat Creates New AR Experience In Collaboration With Damien Hirst
Snapchat has announced a new augmented reality lens created in collaboration with world-renowned British artist Damien Hirst.
The Entire Cast Of The Fresh Prince Of Bel-Air Reunites On Snapchat
The entire cast of long-running hit sitcom The Fresh Prince of Bel-Air reunited on Will Smith's original show on Snapchat.
Snapchat Begins Allowing Stories To Be Integrated Into Apps
Snapchat added App STories to the Snap Kit toolset for developers to begin incorporating Snapchat Stories into their apps.
Snapchat Reveals The True Impact Of Coronavirus
Snapchat has released new research about the impact of the Coronavirus pandemic on our society and what we all do …
