Snapchat buys AI Factory for $166M
By MYBRANDBOOK
After acquiring Ukraine startup Looksery in 2015, Snapchat has again acquired AI Factory to improve its video capabilities. The latter is a computer vision startup and Snapchat had worked with the company to create Snapchat’s new Cameos animated selfie-based video feature, for a price believed to be in the region of $166 million.
Cameos, launched last month, lets user take a selfie, which is then automatically “animated” and inserted into a short video. The selection of videos is currently around 150 which is created by Snapchat.
AI Factory has offices in San Francisco but the majority of the team is based out of Ukraine. Part of the team will relocate with the deal, and part will stay there.
Snap had also been an investor in AI Factory. Part of its early interest would have been because of the track record of the talent associated with the startup. Lenses have been a huge success for Snapchat. 70% of its daily active users play with them, and they not only bring in new users, but increase retention and bring in revenues by way of sponsorships or users buying them — so creating new features to give users more ways to play around with their selfies is a good bet.
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