The crowdsourced 3D mapping technology company, Pixel8earth, has been acquired by Snap Inc.
As per a Form 10-Q filed with the Securities and Exchange Commission, the Boulder, Colorado-based company was taken over with a price tag of $7.6 million.
The company’s co-founder and CEO Sean Gorman, Director of Analytics Chris Helm, Chief Technology Officer Pramukta Kumar, and software engineer Winnie Palangpour will join Snap to work on the Snap Map product as a part of the acquisition.
Snapchat plans to leverage its expertise to enhance its location-based augmented reality experiences, such as its local lenses.
Gorman stated through a blog post, “When Pramukta, Winnie, Chris, and I started Pixel8earth, we wanted to map the world in 3D and, a few months ago, we received an amazing boost to accomplish that goal. The Pixel8earth team has joined Snap Inc. We are beyond excited to be part of Snap’s Map and AR teams, helping them overlay computing on the world.”
“Ambitious goals require resources and lots of smart people. We couldn’t be happier joining such a fabulous team of old and new friends. There is lots of work to be done. Stay tuned as we embark on a new journey to help bring the next generation of computing experiences to the world,” he added.
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