Friday, July 24 2020 18:45

PicsArt acquired application of a resident of one of  cycles of  Beeline Startup Incubator project

PicsArt acquired application of a resident of one of  cycles of  Beeline Startup Incubator project

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


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