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Bank of America Says Snap’s (SNAP) Acquisition of French Startup NextMind is ‘Another Piece to the AR Puzzle’ -Breaking

by Mike Robinson

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Bank of America Says Snap’s (SNAP), Acquisition of NextMind French Startup Is ‘Another Part of the AR Puzzle’

Snap (NYSE 🙂 published a blog yesterday announcing that it acquired NextMind Paris, a neurotech startup.

This acquisition was made to support long-term augmented realities. [AR]SNAP stated that Snap Lab is conducting research. This startup creates devices to help advance Snaps AR platform.

Pitchbooks data indicates that NextMind has raised $4.5 Million in funding so far. The company did not reveal its valuation. However, it was valued last year at approximately $13million.

Justin Post, analyst at Bank of America (NYSE) reacted positively to this news.

Snap is a leader in AR advertising and has made significant investments over the past few years. In 1Q21 Snapchat users engaged with Augmented Reality (AR), grew by more than 40% and is now estimated to represent over 250mn DAUs. Post reported that Advertisers are interested in Snaps AR technology because it offers a unique opportunity to reach the platform’s Gen Z audience.

Yesterday’s Snap stock closing price was $35.88

By Senad Karaahmetovic

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