Snap snaps up crucial patent
The patent is called "Methods and Systems of providing visual content editing functions." It powers what Snapchat users call a "geofilter" — an artistic overlay you add after a Snap is taken, offered at specific times and places, and available or advertisers to sponsor and customize.
Snap has tried to secure the future of geofilters by buying that crucial patent. TechCrunch's Mike Butcher picks up the story:
- The target: "Mobli, an Instagram competitor launched six years ago that failed to get ahead of its competitor, actually patented the idea of Geo-photo filters in 2012."
- The transaction: "[S]erial entrepreneur and investor Moshe Hogeg, who co-founded Mobli, sold Mobli's Geofilters patent to Snap this month for $7.7 million. This is believed to be the highest amount paid for a patent from the Israeli tech industry."
- Why it matters: "Snap wanted the patent to protect itself from future litigation."