The Snapchat Inc.You’ve probably heard about Snapchat. It’s the popular mobile app that allows you to send videos and pictures, both of which will self destruct after a few seconds of a person viewing them.
Snapchat is also a fun messaging app. You can capture a photo or brief video with it, then add a caption or doodle or filter/lens over top, and send the finished creation (called a snap) to a friend. Alternatively, you can add your snap to your “story”, a 24-hour collection of all your snaps that’s broadcasted to the world or just your followers.
Cimagine Media was founded in 2012, with a team that brings together expertise in computer vision, real-time image processing, mobile development, international marketing and business development, from leading technology companies such as Rafael Defense Systems, HP, IBM, Dassault Systemes, P&G, Amdocs and ECI Telecom. Together with its multi-disciplinary advisory board, in the fields of retail, architecture, user experience and technology, Cimagine is taking augmented reality (AR) in commerce to the next level.Cimagine was chosen by Inc.com and by Microsoft as one of Israel’s most promising start-ups, and by Forbes as one of the Israeli companies you should watch for in 2016. Cimagine is proud to have launched the world’s largest implementation of AR in retail to date with Shop Direct, the largest global brand AR deployment with TCCC and the world’s first augmented showroom. Cimagine has been featured by the BBC, CNBC, Wired, NRF and more.
Messaging app Snapchat is buying Israeli augmented reality startup Cimagine Media for an estimated $30-$40 million (roughly Rs. 203 crores – 271 crores), marking Snapchat’s first acquisition in Israel, the Calcalist financial daily reported on Sunday.
Cimagine developed True Marketless Augmented Reality – technology that allows users to virtually place furniture and appliances they wish to purchase in the space of their home, on their mobile devices, at the click of a button.Cimagine will become Snapchat’s research and development centre in Israel and is expected to rapidly expand its workforce from its current 20 employees, Calcalist said.
The company’s highly-skilled team is probably the main reason for the acquisition, rather than its technology, Calcalist said. Officials at Cimagine declined to comment on the report. The company was founded in 2012 and has raised a few million dollars.
Venice, California-based Snapchat is expected to go public as early as March with a valuation of as much as $25 billion.