Snap buys AI startup AI Factory
Snap - the owner of Snapchat - has acquired the Russian startup AI Factory. The deal was worth US$166 million, the startup’s valuation reached US$200 million.
AI Factory has been founded by Alexander Mashrabov, Grigoriy Tkachenko and Victor Shaburov. The company’s most prominent product is Cameo - the automated video editing tool, mostly used for AR-masks. Essentially it turns selfies into a short videos.
Snapchat has fully integrated the function in December 2019. Ai Factory is going to keep its team, which is distributed among US, Russia and Ukraine. Presumably the team is going to focus on Cameo’s development. Previously Shaburov has already sold another startup to Snap. In 2015 the media company has acquired his Looksery project for around US$150 million.