Snapchat is an image messaging and multimedia mobile application developed by Snap Inc. recently buys the location based photo filter technology “Geofilters” at a record price of $7.7 million from Mobli.
Moblie is an Instagram like app which was launched 6 years ago but failed to wow due to stiff competition by Facebook promoted Instagram. Mobli patented the idea of Geo-photograph filters in 2012 and launched them 2 years back in their app.
But according to reports published in TechCrunch, Moshe Hoges the co-founder and entrepreneur sold the Mobli’s Geofilters patent to Snapchat for $7.7 millions this month. This is believed to be the highest amount paid for a patent from the Israeli tech industry.
As per the sources Snap Inc acquires the patent to protect itself from future litigation.The patent (US#20160373805, US#9459778) was named Methods and Systems of providing visual content editing functions. And these filters will run at the server side so there is no need to update the app every time to change the filters.
Geofilters patent was approved in 2014 to Mobli, long before Snap created the location based filter feature in snapchat.