Snapchat Is Buying an Augmented Reality Startup

Entrepreneur Middle East magazine reported that social media platform Snapchat is buying an augmented reality startup, Cimagine Media, for an estimated $30 to $40 million. The original newspaper which reported the news — the Calcalist financial daily — reported on Sunday that the startup concluded the first session of its accelerator program

The technology, dubbed “True Marketless Augmented Reality” allows users to virtually place furniture and appliances they wish to purchase in the space of their home, on their mobile devices, at the click of a button.

Calcalist reported that Cimagine will become Snapchat’s research and development center in Israel and is expected to rapidly expand its workforce from its current 20 employees.

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