With the acquisition, Snap plans to enhance its AR and BCI technologies. Here are the top-line bullets you need to know.
Snap, a camera company, has acquired NextMind, a neurotechnology company, for an undisclosed amount. The terms of the transaction are undisclosed.
WHO ARE THE PARTIES TO THE DEAL?
- NextMind: France-based NextMind is developing brain-computing interface (BCI) technology that will enable users to play games and control virtual and augmented reality headsets in real time using their thoughts. The startup is supported by a team of 20 employees that will continue to work out of its Paris office once the acquisition is completed.
- Snap: California-based Snap operates Snapchat — an app that allows users to take a photo or video, add a caption to it, and send it to a friend or group. Snap has established partnerships with big tech companies such as Google, Amazon, and Apple. The company reported generating $4.1B in revenue in 2021, up 64% year-over-year. Additionally, its Daily Active Users (DAU) increased by 20% year-over-year to reach 319M. The company is supported by a team of 5K+ employees.
Source: NextMind
WHY DOES THE MARKET MATTER?
- The global neurotechnology market is expected to reach a value of $19B by 2026, growing at a CAGR of 15%, according to Medgadget.com.
- The increasing prevalence of neurological disorders has contributed to growth in this market.
- Major companies, such as Neurolink, Valve, and Meta, have recently acquired BCI technology companies.
