ArmInfo. PicsArt has acquired its first company, which turned out to be a resident of the 3rd cycle of the Beeline Startup Incubator project, implemented by "Beeline Armenia" company together with the Business Angels Association of Armenia (BANA).
As the press service of the company reports, PicsArt has acquired its first company - D'efekt application, which gives an opportunity to create visual content with the help of artificial intelligence.
In particular, D'efekt specializes in video editing, providing the ability to use motion effects. With the acquisition of D'efekt, PicsArt will be able to attract users of apps like TikTok, YouTube and Instagram to help them create more engaging videos. At the moment there are no plans to merge the applications, but soon D'efekt will receive a new name, which will contain the PicsArt word. PicsArt is reportedly one of the most successful startups in the world with total funding of $ 54 million.
"We are always very proud of the success of our startups. Signing a deal with a giant like PicsArt is a great achievement. I am sure that many startups around the world dream of such a result, but we are certainly happy that it was the Armenian startup that passed our incubator school," Andrey Pyatakhin, General Director of Beeline in Armenia said.
To note, Beeline Startup Incubator with all its resources contributes to the intensive growth of startups, thus ensuring their entry into the international market. Participants are provided with a free working platform, trainings and master classes in business, management, marketing, PR are held. Selected resident startups benefit from incubator resources, expert advice and opportunities to work in an active business environment for 14 weeks.
To note, the PicsArt company specializes in photo and video editing. The head office of the company is located in San Francisco (USA), the largest office is in Yerevan, in the Tumo Center for Creative Technologies. The app has over 600 million downloads and 130 million monthly active users. PicsArt has been translated into 30 languages. Since its launch in 2011, the app has been at the top of Google Play, and in January 2019, PicsArt was ranked # 2 in the international ranking of free apps on iTunes. The company received funding from top venture capital firms Sequoia Capital, DCM Ventures, Insight Venture Partners, Siguler Guff and Company for a totalthe amount of $ 45 million