The tech giant has reportedly paid about $100 million to buy Alter in an effort to improve its content game and compete with TikTok.
Google has quietly acquired Alter, a startup that works on an artificial intelligence-based avatar generator for social media users and brands. It is reported that the tech giant has purchased Alter for about $100 million.
The news was first reported by TechCrunch which cited a source familiar with the matter. The move is said to be part of Google's effort to improve its content game and compete with TikTok. In a statement to the outlet, the company's spokesperson confirmed the acquisition but declined to comment on the financial terms of the deal.
It is reported that the deal was completed about two months ago, however, neither of the companies hadn't made public announcements prior to the statement to TechCrunch. It is also stated that some of Alter's top executives have updated their LinkedIn profiles mentioning their collaboration with Google without acknowledging the acquisition.
Alter, formerly known as Facemoji, is a platform that uses artificial intelligence to help developers add avatar creation systems to their apps and games. It was founded by Jon Slimak and Robin Raszka and is headquartered in the United States and the Czech Republic. The company reportedly raised $3 million in seed funding – the investors included Play Ventures, Roosh Ventures, and Twitter.