Jaipur-based SIFTR Labs, a startup which curates digital images using machine learning and AI has been acquired by China’s APUS Group for an undisclosed amount, reports VCCircle. It is not clear whether SIFTR would continue to function as an independent brand or merge with APUS. MediaNama has written to APUS seeking more details.
The report added that the acquisition will allow Venture Catalysts, an investor in SIFTR’s, to exit the company. Venture Catalysts had invested $150,000 as seed funding in SIFTR Labs in January last year.
SIFTR Labs was founded in 2015 by Romil Mittal and Mayank Bhagya. The company develops products around AI-based image recognition technology which allow users to analyze photos and videos to find objects and human faces. It had earlier launched Siftr Magic, an Android app that analyses photos to remove duplicate copies, curate memes/images from social media sites and also helps organize images.
APUS Group, on the other hand, is an Android-based app development company that currently has a set of apps under its brand. These include a mobile browser, customizable Android Launcher, memory manager, messaging service, among others. Founded in 2014 by Tao Li, the company raised $100 million in a series B round of funding in January 2015, after having raised $15 million in a series A round back in 2014.
APUS’s investments in India
Note that in August 2015, APUS Group founder and CEO Li Tao had led a round of funding in the technology news portal iamWire. Apart from this it also floated a startup fund worth Rs 300 crore focused on Indian startups in December 2015. The company also aids Indian startups planning to enter the Chinese market through its APUS Global Mobile Internet Incubator.