A regulatory filing has revealed that Facebook has acquired Scape Technologies, London’s software startup, which tracks a more precise location than GPS. Scape’s cloud-based “Visual Positioning Service” converts images into 3D maps, which might help Facebook in making augmented reality (AR) glasses. However, it’s not clear what Facebook will do with this acquisition.
The terms of the deal are not disclosed yet, although Facebook’s House update reveals that Facebook Inc will have over 75% control of the startup.
The Giant has not disclosed the amount of acquisition, however, the other fillings, including the share issues, mention that the deal is closed at about $40 million. On the other hand, this filling also reveals that Scape’s board members included earlier VC representatives who recently resigned from the board. Besides, they are replaced by 2 Facebook executives.
Edward Miller and Huub Heijnen founded Scape Technologies in 2016. Scape’s engine is build-in a way that enables any machine which is equipped with a camera can understand its surroundings. Earlier it focused on augmented reality apps, but later it realized that it has the potential, and it can be utilized in mobility power applications, robotics and logistics as well. Later, the startup started developing computer vision-based “Visual Positioning Service,” which helped developers to build apps that track location more accurately far better than GPS capabilities.
According to a Facebook spokesperson, it acquires small startups at regular intervals, and Facebook generally doesn’t reveal their plans. The acquisition of Scale’s looks like a giant made an excellent investment to start a new platform. It doesn’t matter where they will use Scape’s technology, but hopes are that Facebook will bring a new era of VR and AR with this deal.
Earlier this acquisition, late last year Facebook also acquired a Madrid-based cloud gaming startup, PlayGiga, for $78 million and Beat Games, computer gaming at an undisclosed amount without disclosing the motive behind the acquisitions whereas it is said that Facebook might step into cloud gaming.
Your rate 3 stars is recorded
StartupWorld is the destination to learn about new and upcoming startups making waves on the web. Being an entrepreneur is as much hard work as it is fun. No one knows it better than you do. Share your story, send it in and let us showcase it to the world.