American Snap Inc. company bought AI Factory startup with offices in Ukraine for USD 166 million, AIN.UA reports, citing its own source.
Details of the transaction are unknown. According to the source, the company Snap Inc. already owned a share in the startup, and this transaction was aimed at buying back other investors’ shares. The total valuation of the company during the transaction amounted to about USD 200 million.
Startup AI Factory was founded by entrepreneur Viktor Shaburov. His previous startup, Looksery, was also bought by Snap Inc in 2015 for USD 150 million. The company was founded in 2018 and worked in stealth mode. It has three offices: in San Francisco, Kyiv and Zaporizhzhia.
The company was developing a feature that was integrated into the Snapchat application as a result of the transaction. The function, which is called Cameos, became known at the beginning of December this year. It adds functions which turned user’s photo into a video.
The technology allows users to insert their face in GIFs with other people or animals. On December 18, the function was officially launched on iOS and Android.
As The Journalist reported, Mexican police plan to purchase Ukrainian-made electric bikes in 2020.
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