Alibaba, the Chinese retail conglomerate has confirmed acquiring Israeli firm Infinity Augmented Reality for an undisclosed sum. Notably, Alibaba had led an investment round in the firm in 2016. Also, both of the firms have been collaborating ever since on various augmented reality, computer vision and artificial intelligence projects. Where the financial deals of the terms have not been revealed, several reports claimed that Alibaba paid over $10 million to fully acquire the firm.
Infinity Augmented Reality was launched in 2013 by Matan Protter and Motti Kushnir. The company develops augmented reality and mixed reality systems for industries such as retail, gaming, medical, etc which allows the AR to be integrated into the apps. The major company products of Infinity AR includes ODMs and OEMs and an SDK plug-in for 3D engines. The firm has raised $25.5 million in investment since its inception. Apart from Alibaba, Sun Corporation, Platinum Credit Management, LP and Singulariteam are the backers of the firm.
Kushnir, the CEO of the company commenting on the acquisition said, Alibaba’s expertise in turning technologies into next-generation products will be a great platform for the future technologies of computer vision, AR and AI." We look forward to be joining Alibaba, a world-class innovative global technology company, as part of its Israel Machine Vision Laboratory,” he added.
Alibaba's head of laboratory Professor Lihi Zelnik-Manor talking on the development said, “Alibaba is delighted to be working with Infinity AR as one team after three years of partnership. The talented team brings unique know-how in sensor fusion, computer vision, and navigation technologies. We look forward to exploring these leading technologies and offering additional benefits to customers, partners and developers.”
Image Courtesy : InfinityAR