Hands-free selfies: Snap is looking at buying drone maker Zero Zero Robotics
Snap Inc. is taking steps to buy Beijing-based Zero Zero Robotics Inc., according to a report by the Information published Tuesday.
The Chinese startup, established in 2014, created a stir last year after launching its Hover Camera Passport drone. The drone users artificial intelligence and facial recognition so it can be set to track a certain person from all angles, thereby becoming the user’s omnipresent selfie-taker.
The report suggested that the drone maker had at first entered into talks with Snap regarding funding, on top of the $25 million it raised in 2016. Snap has declined to comment, while Zero Zero Robotics Chief Executive Meng Qiu Wang denied any involvement with a possible acquisition. If the deal does go ahead, it would follow Snap’s $1 million acquisition of Ctrl Me Robotics Inc. revealed in May.
At the time of its release, Zero Zero’s $500 drone didn’t have much competition, but more of these lightweight, foldable, 360-degrees selfie drones have hit the market recently. The biggest problem, according to review sites, is that the “65-foot selfie stick” has a short battery life of less than 10 minutes. Nonetheless, the Hover Camera Passport has been hailed as the best of its kind. It is presently sold exclusively on Apple.com and in Apple stores.
Snap, formerly Snapchat, rebranded itself last year and began moving into the hardware business after releasing its video-taking Spectacles. Earlier this year the company became the largest tech initial public offering since 2014, although its first earnings report fell short of expectations. The result was a sudden drop in share price.
Although Snap has a massive user base, it’s facing stiff competition from companies developing their own Snaplike features, notably Facebook Inc. and its photo and video sharing app Instagram. On top of its Spectacles, if Snap were to acquire a well-received selfie-taker that followed its users everywhere, that could provide more differentiation from rivals. Reports emerged last year that Snap’s new raison d’être was to get around the problem of taking selfies without using hands.
Image: Hover Camera Passport
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