Computer vision and AI company DeepCraft to be acquired by Picsart
Picsart, a San Francisco-based digital creation platform, has agreed to acquire DeepCraft, an Armenian computer vision and artificial intelligence (AI) company, for an undisclosed price.
According to Picsart, the advancement of the Creator Economy has raised the demand for accessible video editing tools on its platform, with over 100 million videos edited in 2021, which is an increase of 71% compared to the previous year.
Picsart said that the breakthroughs of DeepCraft in computer vision, as well as machine learning, will complement its existing core and AI technology, and help in growing its video editing experience.
Artavazd Mehrabyan — Co-Founder and CTO of Picsart said: “DeepCraft is a unique team of deep technology engineers, and we’ve been working with them to build our core technologies for over a year.
“As we invest further into our video editing capabilities, we are confident the team will play a significant role in building the platform for the next generation of creators.”
Computer vision and AI company DeepCraft to be acquired by Picsart. Image courtesy of Business Wire.
As part of the transaction, all the employees of DeepCraft will join Picsart. The former’s Co-Founder and CEO Armen Abroyan will join Picsart as engineering director for the core engineering team, while Co-Founder and CTO Vardges Hovhannisyan will be the principal engineer.
Armen Abroyan said: “To be acquired by Picsart, the first Unicorn from Armenia, is incredibly exciting.
“It gives us the resources to uplevel our technology, the ability to apply our collective knowledge on a global scale, and the opportunity to advance innovation in the industry as a whole.”
DeepCraft marks the second acquisition for Picsart in the video space. In 2020, Picsart acquired D’efekt, an advanced video effects company, which was subsequently rebranded as EFEKT.