Snap Inc, the company of Snapchat, acquired Israeli Augmented Reality (AR) startup Cimagine Media. The acquisition is predicted to cost between $ 30 and $ 40 million, according to a media report. This acquisition is before the IPO of its parent company Snap Inc., which could occur in late March.
What is Cimagine Media anyway? This company was originally launched in 2012, Cimagine mainly manufactures tools for retailers and home builders. The idea is to provide ways for customers to create a virtual space where they can move around the furniture, change the paint colors or walls and simply see how new products might appear in their space before buying.
The four co-founders Yoni Nevo, Ozi Egri, Nir Daube and Amiram Avraham, are all experts in computer vision and image processing, so the acquisition will give Snap Inc some top talent.
You can imagine how cool it is when they use this technology on Spectacles, users can see in real time filter used on Snapchat app like turn their faces into animals for example. But for now, it’s all speculation. Augmented reality is still an evolving sector of the tech industry. But there are plenty of possibilities for innovative new features.
While Facebook and Instagram are compete to introduce new features that looks similar to the features of Snapchat, so Snapchat had to do something to stay to be the superior. Competing with big companies like Facebook certainly not easy. Snapchat is taking an unexpected approach. And if it can use innovation as a competitive advantage, it might be able to stay ahead of the curve, even when competing with those big names.