Snapchat acquires Ukrainian startup for $166M

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Snapchat has acquired Ukrainian startup AI Factory for $166 million, reports AIN.UA.

AI Factory startup was founded in 2018 and operated in stealth mode by entrepreneur Viktor Shaburov, whose previous startup – Looksery was also acquired by Snap Inc. for $150 million in 2015. With three offices in San Francisco, Kyiv, and Zaporizhzhia, the company employs 70 people.

The company was developing a feature that was integrated into the Snapchat application as a result of the deal. The feature is called Cameos and allows you to turn user’s photo into a video.

The details of the deal are not disclosed. According to the source, Snap Inc. already owned a stake in the startup, 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.

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