Instagram has just made its first acquisition: Y Combinator company Luma (formerly known as Midnox). The deal brings both the Luma team and technology to Instagram. Luma had created a video capture, stabilization, and sharing app, which will be shut down soon. Existing users can export their videos now.
The Luma team writes “Eighteen months ago, we embarked on a mission to make capturing and sharing beautiful videos easy without expensive software or heavy equipment. By joining the exceptionally talented team at Instagram, we’re taking another big step towards realizing that mission.” Terms of the deal were undisclosed.
Unlike the rash of acqhires in Silicon Valley, this deal comes with Luma’s technology. This includes video stabilization, which Instagram will likely use to improve its own stabilization tech that launched alongside its new video sharing feature in June. Instagram might also make use of Luma’s “non-disruptive” video filtering technology, which allows filters to be switched or removed after a video has been shared.
More details to come.
Instagram Acquires Tech And Team Of Video Sharing App Luma, Which Will Shut Down
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