Snap is reportedly in talks to acquire Zero Zero Robotics, a China-based maker of the drone Hover Camera, as the app maker looks to expand its hardware efforts.
The deal could be worth $150 million to $200 million, and would be Snap’s second move into the drone sector in recent months, following reports in May it had acquired US-based drone manufacturer Ctrl Me Robotics for less than $1 million.
In the past, Snap was said to be in talks with a drone company called Lily, although those talks were unsucesful and the company ultimately shut down. This was after reports Snap may be working to develop its own drones.
According to The Information, Zero Zero Robotics approached Snap to discuss investment opportunities, and talks then turned to a potential acquisition.
The company’s website states it creates electronics products which are consumer-friendly, and “designed in ways that push the boundaries of what’s considered possible”. It adds the company’s vision is “to bring to life intelligent ground and flying machines designed to extend the human vision and their capabilities, while improving their lives.”
Zero Zero Robotics’ first flagship product, developed under the Hover Camera brand, is Hover Camera Passport – an artificial intelligence-powered flying camera.
The device launched to the public in October, and can only be bought via Apple stores or online for $500.
Snap’s latest move would not only make sense as it pushes into wearables, the first example of which was Spectacles, but also because it wants to focus on being a camera company.
As for Spectacles, the company is said to be working on a new version incorporating augmented reality.