Facebook acquires London's Scape Technologies
Facebook has acquired Scape Technologies.
The start-up uses computer vision, powered by artificial intelligence, to develop ‘hyper-accurate location services’.
Scape, which was founded in 2017, secured $8m investment early last year.
According to the firm’s Companies House profile, Facebook now owns a majority stake in the company while two Facebook executives have joined the board.
Meanwhile several figures representing existing investors – Entrepreneur First, LocalGlobe, Mosaic Ventures and Fly Ventures – have resigned from the board.
TechCrunch, which first reported the story, puts the deal for Scape at around $40 million.
Scape’s ‘Visual Positioning Service’, available to developers, effectively allows camera devices to recognise their surroundings, outdoors and at an infinite scale.
It claims to be far more accurate than GPS at defining location.