Snap acquires Israel-based AI startup for $40 million: Report

Snap, the parent of popular messaging app Snapchat, has acquired Israel-based Cimagine to bolster its artificial intelligence offerings, according to Calcalist.

The Cimagine acquisition, reportedly in the $30 million to $40 million range, will start research and development activities in Israel for Snap. Cimagine currently has more than 20 employees and is looking to expand, the report noted.

Snap hasn’t confirmed the acquisition. We have reached out for more details.

Cimagine’s AI technology allows users to “visualize products in life-like 3D images at the click of a button.”

Snap, who relies heavily on AI within its app already, could use Cimagine to help customers make purchases.