Post deal, seed investment platform Venture Catalysts has exited the company in which it invested $150k in January 2016.
Founded by Romil Mittal and Mayank Bhagya, Siftr Labs aims to assist photographers in managing their photography. The company’s first product Siftr Photo Websites claims to create the world’s first self-updating photo websites.
“The acquisition will help Siftr to grow vertically by tapping the extensive global experience of the premier unicorn. This deal has also hinted towards continued interest of global players in building their arsenal of machine learning technologies, and has marked the beginning of sustained Chinese tech acquisitions on Indian soil,” said Apoorv Ranjan Sharma, Co-founder, Venture Catalysts.
The platform had also developed an innovative mobile application Siftr Magic, which enables its users to delete junk and irrelevant photos on their devices.
Founded in June 2014, mobile internet company APUS Group released its first product, APUS Launcher in July 2014 which received over 1 million users in just a week. Since inception, APUS has become strategic cooperation partners with Google, Facebook, Yahoo, Amazon, InMobi and others.
In 215 end, the company had also launched a $45 million fund to invest in startups focussed on mobile internet innovation projects.