Snap Inc., the parent company of popular social media platform Snapchat acquired 3D-scanning startup Th3rd. Snap Inc. has been making strategic acquisitions over the years to expand its offerings and stay competitive in the market.
According to reports, Snap acquired Th3rd in a quiet deal that took place last year. Th3rd is a California-based startup that specializes in 3D-scanning technology and has been developing software and hardware solutions for scanning real-world objects and turning them into digital assets.
While Snap has not disclosed the terms of the deal, it is believed that the acquisition was made to enhance the company’s augmented reality (AR) capabilities. Snap has been investing heavily in AR and has already launched several AR features on its platform, such as lenses and filters that allow users to superimpose digital objects onto the real world.
Th3rd’s 3D-scanning technology could help Snap create more realistic and interactive AR experiences for its users. For example, Snap could use Th3rd’s technology to allow users to scan real-world objects and turn them into digital assets that can be used in AR lenses and filters.
This acquisition also comes at a time when the demand for AR technology is on the rise. With the pandemic forcing people to stay indoors, many businesses have been looking for ways to create virtual experiences that can replace real-world interactions. AR technology has emerged as a popular solution for this, and Snap’s acquisition of Th3rd could help it capitalize on this trend.
The acquisition of Th3rd is just one of the many strategic moves that Snap has made in recent years to stay ahead of its competitors. With the addition of Th3rd’s technology to its arsenal, Snap could further cement its position as a leader in the AR space and continue to attract users to its platform.
