Snapchat Is Raising $1 Billion In Support Of AR, New Acquisitions

The disappearing message app doubles-down on its commitment to AR.

According to a new report by Reuters, Snap Inc., the company behind the immensely popular multimedia messaging app Snaptchat, is raising a staggering $1 billion to invest in new AR content, media partnerships, and potential acquisitions. 

“We will continue to focus on developing our content, gaming, and augmented reality platforms to enhance the Snapchat experience for our community,” said Snap Chief Executive Evan Spiegel in a memo sent to employees seen by Reuters.

Image Credit: Snap Inc.

After a rough 2018, Snap Inc. managed to turn things around thanks to a series of smart investments in their AR lenses, as well as the introduction of both standard and augmented mobile gaming. By doubling down on its commitment to AR technology, Snapchat has reinstilled its position as a dominant force within the social media industry. As larger social media organizations such as Facebook continue to provide considerable financial support for their platforms, and with popular new options like TikTok on the rise, Snap Inc. will need to continue innovating if it wishes to remain relevant.

Image Credit: Snap Inc.

While Snapchat’s initial AR offerings centered primarily around face filters, the company has since expanded its platform to include interactive 3D models, as well as AR worlds in which users can hold up their smartphones and physically walk through an AR gateway into a new 3D environment. While a majority of the content itself may seem simplistic, Snapchat has quietly developed into one of the more technologically impressive AR mobile platforms.

Most recently, Snap Inc. announced a series of never-before-seen features as part of their new “Scan” utility platform, which will allow users to solve math problems and pull up GIF’s related to real-world objects using their smartphone’s camera and AR. The Scan feature is expected to roll-out on smartphones in the near future.

Featured Image Credit: Snap Inc.

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