Snap Acquires Venice-based Drone Startup at $1 Million

PUBLISHED BY
Carrie Ann



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4 years ago




In the past year, we as laymen have witnessed a number of ups and downs in the popular picture-sharing app Snap. Right from its name to its services, this company is striving hard to update itself to expand its horizon. What began as a millennial-based social media app is now also a retail company dealing with technological devices. This app had gained such immense popularity that well-established social networks like WhatsApp and Facebook also inculcated the “Stories” feature to retain the user base. This resulted in a major setback in the viewership of Snap Stories as it lost its monopoly in that particular arena. This time the company is in the news for a business development. Snap acquires a drone startup according to a recent report.

According to this report published on BuzzFeed, Snap acquires Ctrl Me Robotics, a small drone startup based in Venice. The news was out on Friday afternoon stating that the acquisition was a small-scale one. This is because Snap bought the drone startup at the price of a mere $1 million. The amount is a meager one as Snap acquired this startup at a time when it was going downhill. The drone startup was in the process of winding down when Snap offered to rescue it.

Snap-acquires

Snap acquires Ctrl Me Robotics, a small drone startup based in Venice.

Details about the startup Snap acquires

The latest acquisition by Snap clearly signifies that the company aims to tighten its grip in the field of hardware. Earlier this year, Spectacles by Snap came out in the retail market. This pair of glasses came with an inbuilt 360-degree camera which captured Snap Stories on the go. With this recent acquisition, there is another hardware department in Snap’s pocket. Business experts have their doubts as to whether the drone startup is related to Spectacles or not. As of now, there is no information about the reason behind this acquisition. Snap officials have denied any sort of comment as well.

Snap acquires the drone startup and also hired its founder, Simon Saito Nielson. A part of this deal also includes the acquisition of certain assets of the company and the equipment it owns. Ctrl Me Robotics was originally founded to develop technology in order to capture aerial videos of high quality. On probing further, it was discovered that this startup did not produce drones. In fact, it was more of a specialized retailer which indulged in the resale of drones of other companies. We are still inquisitive about the relation of this startup to Snap. But at the moment, all we can do is wait for an official statement.

Carrie Ann
Carrie Ann is Editor-in-Chief at Industry Leaders Magazine, based in Las Vegas. Carrie covers technology, trends, marketing, brands, productivity, and leadership. When she isn’t writing she prefers reading. She loves reading books and articles on business, economics, corporate law, luxury products, artificial intelligence, and latest technology. She’s keen on political discussions and shares an undying passion for gadgets. Follow Carrie Ann on Twitter, Facebook

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