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

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

1482769913 snapchat app ios

snapchat-app-ios.jpg

CNET/CBS Interactive

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.

ADVERTISEMENT

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.

(via PCMag)

ADVERTISEMENT

ADVERTISEMENT
Just in:
Hope for Respite as UAE Endorses UN Plea for Gaza Truce // Samsung Electronics Launches 2024 Neo QLED 8K, Neo QLED, and OLED Displays to Spark the AI Screen Era // Andertoons by Mark Anderson for Fri, 29 Mar 2024 // Sharjah Chamber Breaks Ground on Final Expansion with New HQ Pact // AIA Hong Kong Wins More Than 20 Accolades at MPF Ratings MPF Awards, BENCHMARK MPF of The Year Awards and Bloomberg Businessweek Top Fund Awards // 2024 Lok Sabha Elections Will Be The Costliest One Till Now In The Whole World // Infineon and HD Korea Shipbuilding & Offshore Engineering jointly develop ship electrification technology // CABSAT 2024 Ushers in 30 Years of Media Innovation // Hong Kong Crypto Exchange Application Stalled by US Lawsuit // Global Audience to Witness Thrill of Dubai World Cup // Saudi Arabia Unveils Green Financing Tool to Achieve Net-Zero Goals // Sunshine’s Debut Features Leave Tech World Scratching Its Head // Andertoons by Mark Anderson for Thu, 28 Mar 2024 // Universal Language for Healthcare: General Authority Embraces Global Coding System // Ajman Celebrates Conclusion of Ramadan Activities with Grand Ceremony // First-Ever Fortune Innovation Forum Draws Top Global Leaders to Hong Kong, Promoting Agendas On Collective Cross-Sector Advancement // TUMI Hosts Global Launch Event in Singapore to Unveil Women’s Asra Collection and Announce Global Ambassador, Mun Ka Young // US reiterates concern over Kejriwal arrest, Cong accounts // German Job Market Resilience Bodes Well for Economic Recovery // Digital Hub Unveiled: Xposure Launches Platform for Global Photography Community //