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Snap Inc. bought Ukrainian startup AI Factory for $ 166 million

UkraineITnow

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The Snap Inc. bought a startup AI Factory, a computer vision startup that Snap had worked with, for $ 166 million.

The details of the deal are not disclosed. According to the source, while AI Factory has offices in San Francisco, the majority of the team of around 70 is based in Ukraine. Part of the team will relocate with the deal, and part will stay in Ukraine. Snap had also been an investor in AI Factory, and this deal was aimed at buying out stakes of other investors. The company’s total valuation at the time of the deal was about $200 million. The deal has already been closed.

About AI Factory startup

AI Factory startup was founded by entrepreneur Viktor Shaburov. AI Factory is San Francisco Bay area company founded in 2018. It provides multiple AI business solutions based on image and video recognition, analysis and processing. The company founders had implemented multiple successful startups with great exits. For example Victor’s previous startup Looksery was also acquired by Snap Inc. for $150 million in 2015. The company was founded in 2018 and operated 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 deal. The feature was revealed in early December of this year, it is called Cameos. This feature allows you to edit a user’s photo, turning it into a video.

Essentially, it is a deepfake technology that allows a user to insert his or her face into a GIF image with other people or even animals. In early December, some French users got access to a test version of this feature. On December 18, the feature was officially launched on iOS and Android.

It works in chats between users. To get a video with yourself and share it with a friend, you need to take a selfie, then select a GIF image that you like from the template, and the service will insert an animated photo of the user’s face into the selected image. You can add text on top of the animated message.

The Ukrainian company has been working on the development of this service for a year.

 

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ТОП компаній роботодавців

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📊 Шість IT компаній потрапили у ТОП 10 роботодавців в Україні за версією Forbes.
Серед них:
Intellias
SoftServe
ELEKS
EPAM Systems
Ciklum
DataArt

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Avenga Group купили Perfectial

UkraineITnow

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Cума угоди не розголошується.
Українська сервісна IT компанія Perfectial стала 5 компанією, яка приєднується до Avenga Ukraine
Структурних змін в українських офісах не буде. Після об’єднання кількість фахівців у компанії становитиме понад 3500 осіб.
🍾

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Relevant Software Will Expand Its Market Presence With the Support of the USAID CEP Program

Relevant Software

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Relevant Software, a software development outsourcing company, will expand its marketing activities and market presence with the support of the USAID Competitive Economy Program in Ukraine (CEP).

The company will create articles on best practices in software development outsourcing and product development to help tech leaders built world-class software in a better way. The topics include general software development outsourcing tips, fintech market insights, fintech product development guides, and best practices on hiring and managing remote software developers. The company aims to make its blog a great media resource for tech leaders worldwide with industry insights and practical guides.

About the program

The USAID Competitive Economy Program in Ukraine (CEP) supports startups, small and medium enterprises (SMEs) aiming to provide support for competitive industries and firms on Ukrainian and international markets, foster a better business enabling environment, and enabling Ukrainian companies to benefit from international trade.

Relevant Software’s goals

Ukraine is one of the key exporters of software development services, and one of the USAID CEP’s goal is to help SMEs like Relevant Software extend their export abilities and create new jobs.

Relevant will use the received grant to expand its media presence and establish thought leadership in the tech industry through content marketing. Helping more people learn about Ukraine as a software development outsourcing destination, the company will open new business opportunities and create new jobs in 2021.

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