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.
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