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Snap Inc. Is Apparently Buying An Augmented Reality Startup

But what they're going to do with it ... no one knows yet.
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Snap Inc. Is Apparently Buying An Augmented Reality Startup

The company that owns Snapchat is acquiring an augmented reality firm.

Snap Inc. is buying Israeli startup Cimagine for an estimated $30 to $40 million, according to Calcalist.

Cimagine's main client base is retailers and manufacturers — the company's technology projects furniture and appliances into real-life spaces, so users can see how something looks before they buy it.

Notable Cimagine customers include Coca-Cola and Shop Direct.

As far as what the company will do for Snap, well, that's kind of up in the air. Some speculate the acquisition could help Snapchat stay ahead of other social media companies.

Facebook and Instagram have both rolled out features eerily similar to Snapchat's photo and video filters. Improved augmented reality could help keep Snap competitive.