North West | Finance, business | Technology & innovation

U.S. company buys AI start-up with Russian roots

13 Jan '20
Snap, Inc., a U.S. company that owns a globally recognized messaging app called Snapchat, acquired AI Factory, a start-up of Russian origin, in a $166m deal, Firrma.ru reported.

Set up in 2018 by alumni of three major Russian technology universities including MIPT (aka Phystech in Moscow), ITMO (St. Pete) and St. Petersburg State University, AI Factory has developed among other things what’s known as Cameo functionality, which can turn one’s selfie into a short video with a variety of effects and stickers that can be added.

Snap, Inc. is a company established by three Stanford University alumni to develop an innovative multimedia messaging app they called Snapchat.
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