Snap recently acquired Ctrl Me Robotics, an LA-based drone company – The Verge

Late last year, Snap acquired LA-based drone company Ctrl Me Robotics, according to Buzzfeed. Recent reports indicate that the maker of Snapchat and Spectacles intends to develop a drone of its own as it looks to push beyond developing apps and into hardware.

Snap reportedly acquired Ctrl Me Robotics for less than a million dollars last last year, in a deal that included some of the companys equipment and assets, as well as its founder, Simon Nielsen. Ctrl Me Robotics described itself as a company that built and developed custom drones, with a particular focus on drones that carried cameras for local film studios, according to a 2014 video released by the company. According to Buzzfeed, its not clear if Ctrl Me Robotics reached the point where it was developing drones of its own.

Snap has been eyeing the drone market and looked into acquiring now-defunct Lily Robotics, as well as other camera-related businesses last year. This acquisition could help give Snap some expertise when it comes to developing its own equipment.

Last September, Snapchat announced that it was moving into hardware and rebranding itself as a camera company called Snap. Its not clear if the pivot will be enough to save the company, however. Snap Inc. went public in March with a $30 billion IPO, but its revealed in its first earnings reports that its growth as slowed and that its a long way from profitability, and that of the $150 million it earned in its first quarter this year, just $8 million came from its camera-equipped glasses, Spectacles.

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Snap recently acquired Ctrl Me Robotics, an LA-based drone company - The Verge