Snap is still trying hard to make its way into the drone industry. Earlier in the year, it bought Los Angeles based Ctrl Me Robotics. Now, it has set its eyes on China based Zero Zero Robotics. According to reports, Zero Zero Robotics contacted Snap as it was looking for funding. Mr. Meng Qui Wang has denied the news while Snap has refused to comment.
Zero Zero Robotics is renowned for its Hover Camera Passport Drone that utilizes facial recognition to capture selfies of users. They were previously able to raise $25 million and at the time of their launch of flagship device, there was no other competitor in the market. Lily Robotics was able to gather $34 million in preorders but later had to stop manufacturing and were forced to shut down. Now, DJI have come up with their first selfie-taking drone and it’s called DJI Spark. So, now Zero Zero Robotics will have to compete against the best in the business.
How does this all benefit Snap? They were working on their first drone after developing their Snap Spectacles but nothing much has been heard about them since then. Their stock has dropped in value. Snap Spectacles were able to amass $8 million in revenue. Snap hosted another earnings call on 10th August.