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Snap Inc. has acquired augmented reality startup AI Factory Inc., for a total of $166 million
FREMONT, CA: Snapchat, the popular social media giant post its successful acquisition of the Ukraine-based startup Looksery in 2015, supercharged its animated selfie lenses. These selfie lenses provided myriad options with an exemplary filter game for both videos and photos. After this move, the Snap made another acquisition of the company AI Factory to give a significant boost to the app’s video capabilities.
Even though it seems like Snap may be laying low these past few years, in reality, they have been strategically planning to execute different things. The Santa Monica-based social platform and a renowned leader of face filters has been gradually rising its team and acquiring partnerships to enhance core product and AR features.
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The company’s most recent purchase was the AI Factory – a San Fransisco-based startup that designs AR software – for a total of $166 million. On the same note, AI Factory is also one of the companies that assisted Snap in the development of cameos feature. The finer details of this deal remain obscure as the AI Factory’s website explains that it builds “AR products with a focus on image and video recognition, processing, and analysis.”
According to several sources, AI Factory will be operating as a subsidiary of the leading business organization. As reported by CrunchBase, AI Factory was launched in 2018, and the company’s co-founder and CEO, Victor Shaburov, was also the director of engineering for many years. Since then, it has been in support of investors earlier than usual. Its team compromises of a group of “young scientists, coding monsters and creatives with a thirst to make lives better with the help of AI.”
The company’s LinkedIn profile elaborates that AI Factory “provides multiple AI business solutions based on image and video recognition, analysis, and processing.” This enables the company to function under Snap’s wing, giving scope for the team to build, design some of its technology into many innovative ways for businesses to utilize the Snap platform in the future, too.
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