Highlights of the News
• Snap has acquired a Ukrainian computer vision start-up AI Factory for $166M.
• The company will work in association with this factory to make new Cameos feature providing animated selfie-based videos.
• Victor Shaburov is the founder of AI Factory.
Snapchat acquires Ukraine startup Looksery to supercharge animated selfie lenses in its multimedia messaging app in 2015. This move was to arguably change the app filters game for all social video and photo applications. Through this acquisition, the updated multimedia messaging app Snapchat has made another achievement with roots in the country. The company is co-founded by one of Looksery’s founders, to give a gigantic enhancement to its video abilities.
Now according to TechCrunch reports the company has acquired AI Factory to add some pleasant features in the application. AI factory is a computer vision startup that Snapchat had worked with to make Snapchat’s fresh Cameos vibrant selfie-based video characteristics, for a cost supposed to be in the section of $166 million.
This news was primarily reported by AIN a Ukrainian publication, and publishers and news reporters are getting positive responses from snapchat company-related this matter by another source close to the deal. Additionally, the company has also confirmed the news to some other publication, VC.ru in Russian.
Previously the company had also been a shareholder in AI Factory. Part of its early concern would have been because of the track record of the talent connected with the startup. This attainment was surely a huge success for Snap as most of the users approx more than 70% play with them, and thus these features increase retention rate and bring in revenues. This way we can say that creating new features to give users more conducts to play around with their selfies is an excellent bet.
Also Read: Snapchat New Feature ‘CAMEO’ Will Let You Slip Your Face Into Gifs
For now, it is not clear whether it’s not clear whether AI Factory will be ready to develop a way to put in selfies into any video recording or if the feature will be fixed just too particular videos offered by Snapchat itself. At present we don’t know what else AI Factory is going to offer the company: the company’s site shows a little information about the company beyond its aim to bring more AI-based imaging tools into normal apps.
The multimedia messaging app Snapchat LinkedIn profile says that AI Factory provides several AI business solutions based on image and video acknowledgment, processing and analysis. So, for now, the team of experts at Snapchat is looking out for various ways to bring some more innovative ways for businesses to use the Snap stage in the upcoming future.