Matterport, the Sunnyvale, California-based 3D technology leader company has announced that it is acquiring Palo Alto-based machine learning and computer vision technology major Arraiy for an undisclosed sum.
Arraiy was founded in 2016 by Brendan Dowdle, Ethan Rublee, Gary Bradski and Michael Tetelman, as an AI-powered platform which helps the motion picture and television industry, helping them enhance their storytelling ability through better visuals.
The company had raised $13.9 million in funding since its inception from the backers that include the names like Dentsu Ventures, IDG Capital, Softbank Ventures Asia, Lux Capital, CRCM Ventures, Cherry Tree Investments, and Youku Global Media Fund.
Matterport, on the other hand, was launched in 2011 by Dave Gausebeck, Matt Bell and Mike Beebe. The firm has secured close to $115 million in funding. It counts names like PTC, Concrete Venture Capital, Qualcomm Ventures, DCM Ventures, CBRE Group, Ericsson Ventures, Sound Ventures, and others among its investors.
MAtterport CEO RJ Pittman talking about Arraiy said, "Arraiy has assembled some of the very best minds in the industry to solve really hard problems in machine learning and computer vision today. By integrating Arraiy's groundbreaking technology and talented team, we will be able to accelerate the creation of new products and features that will make Matterport significantly more powerful and accessible to both new and existing users."
Ethan Rublee, the Arraiy CTO, and co-founder said that the team was thrilled to be joining hands with Matterport. "The Arraiy team is thrilled to join with Matterport to continue to innovate with computer vision and machine learning. I'm convinced that Matterport's platform will enable incredible opportunities to leverage AI in the places we live and work,” he said.
Image Courtesy : MarTechSeries