Snapchat has reportedly made its first Israeli acquisition with the purchase of augmented reality (AR) startup Cimagine for $30-$40 million. Israeli financial daily Calcalist says the deal would make Cimagine Snapchat’s de facto development center in Israel.
Cimagine was founded in 2012 by CEO Yoni Nevo, VP of Products Nir Daube, and VP of R&D Ozi Egri as an AR platform that lets consumers instantly visualize products they want to buy in the places they want to put them.
A spokesperson from Cimagine told Geektime last year, “We have a ‘virtual production line’ to create thousands and thousands of high quality 3D models from the images and dimension that are topically found on the product pages anyhow. There is no need for physical scan.”
It is unknown if Snapchat is looking to incorporate Cimagine's AR techniques into their filters, or if Snapchat itself wants to expand its business portfolio into e-commerce.