London-based computer vision start-up acquired by Facebook
London-based computer vision start-up Scape Technologies has been acquired by Facebook.
Scape, based in Shoreditch, has developed a “Visual Positioning Service” which is intended to be used by developers whose apps require superior positioning accuracy.
The technology is said to enable “centimeter-level location recognition at a previously unprecedented scale”, and is primarily designed to assist augmented reality apps, although also has applications in mobility, logistics and robotics.
The service is currently only available in London, but the company had been planning to roll it out to other cities before its acquisition.
Scape had raised $8 million in venture capital funding, with backers including LocalGlobe, Fly Ventures, Mosaic Ventures and Entrepreneur First.
Facebook would not respond directly to enquiries, simply saying it acquired "smaller tech companies from time to time”. Techcrunch reported that the value of the deal was around $40m.