Snapchat acquires Ukrainian technology Looksery for $150 million

Snapchat acquires Ukrainian technology Looksery for $150 million

Snapchat acquires Looksery - Ukrainian technology Looksery in reported $150 million deal

Yesterday Snapchat announced the launch of “Lenses,” a new feature that enables users to create a variety face effects while making selfies. These augmented reality filters will allow you to change eye or skin color, alter your face to remove blemishes or look thinner.

Behind these new types of avatars is a technology developed by Looksery, a startup originated from Odessa, Ukraine, with offices in San Francisco.

The startup itself has been acquired by Snapchat with Looksery’s team joining the company. The details of the transaction have not been disclosed, but said it amounted to “around $150 million.”

If true, the figure makes the acquisition the biggest in the Ukrainian tech industry’s history.

Looksery was founded in 2013 by Ukrainian serial entrepreneur Viktor Shaburov. Its technology instantly became a hit in Mexico, Ukraine, Greece, Russia, Brazil, Chile and many other countries when it was launched in October 2014.

A few months before, Looksery had led a successful campaign on Kickstarter. It also took third place in the startup competition at IDCEE 2014.

Beyond its entertainment dimension, the Looksery technology may be applied to corporate clients. For example, the service may be of use to call centers for video support and to improve appearances during video conferences. The use of 3D avatars in video support will reduce the volume of traffic by 98%, according to Looksery.

The startup’s technology may also be interesting to manufacturers of mobile devices, operators, cosmetic companies, brands, and movie studios.

“This is the future of video communication,” said Shaburov.

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