Snap purchased AI Factory, which is a startup that previously created multi-media technology, as well as analysis, for the social media platform. Currently, the technology developed by AI Factory has been used in the 'Cameos' feature on the Snapchat platform.
AI Factory was created by Victor Shaburov, who previously sold a different company to Snap that specialized in facial recognition technology. Additionally, Shaburov was employed at Snap as the director of engineering.
It has been reported that the acquisition cost Snap $166 million USD, however, the social media company declined to verify the figure.
Snap's acquisition will help the company compete with other social media platforms that leverage similar types of technology, which enable users to edit themselves into video content.
Social Media AI Acquisitions
Snap Purchased AI Factory to Bolster Its Video Editing Capabilities
Trend Themes
1. Social Media AI Acquisitions for Video Editing - Acquiring AI technology startups focused on video editing can enhance the capabilities of social media platforms and better compete with other companies offering similar features.
2. Facial Recognition Technology - Acquiring facial recognition technology companies can improve the user experience on social media platforms and enhance them with AI features.
3. Analysis and Multi-media Technology - Acquiring startups that specialize in analysis and multi-media technology can improve user engagement and provide more personalized experiences.
Industry Implications
1. Social Media - Social media companies can utilize AI acquisitions to improve user experiences and compete with other platforms offering similar features.
2. Artificial Intelligence - Acquiring AI technology startups can drive innovation in the field and enhance the capabilities of existing technology.
3. Software Development - Acquiring startups focused on AI and multimedia technology can drive innovation and improve the customer experience in the software development industry.