New Delhi: Picsart, the leading digital creation platform announced that it is acquiring the research and development company DeepCraft for an undisclosed sum.
With the advancement of the Creator Economy, the demand for accessible video editing tools on Picsart is higher than ever, with more than 100 million videos edited this year, a 71% increase from 2020. DeepCraft’s breakthroughs in computer vision and machine learning will complement Picsart’s existing core and AI technology, and assist in expanding Picsart’s video editing experience.
“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,” said Artavazd Mehrabyan, Co-Founder and CTO at Picsart. “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.”
As part of the deal, all DeepCraft employees will join Picsart, with the firm’s Co-Founder and CEO Armen Abroyan joining as Director of Engineering for the Core Engineering team, and Co-Founder and CTO Vardges Hovhannisyan as Principal Engineer.
“To be acquired by Picsart, the first Unicorn from Armenia is incredibly exciting,” said DeepCraft’s Armen Abroyan. “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.”
This is Picsart’s second acquisition in the video space. Last year Picsart acquired the advanced video effects company “D’efekt,” since rebranded to EFEKT. This is also Picsart’s first acquisition since the announcement of its Series C funding and Unicorn status earlier this year.