Instagram has just made its first acquisition, buying both the team and technology of Y Combinator company Luma (formerly known as Midnox). Luma had created a video capture, stabilization, and sharing app, which will be shut down soon. In fact, one source tells us Luma’s stabilization technology is already live in Instagram.
The Luma team writes “Eighteen months ago, we embarked on a mission to make capturing and sharing beautiful videos easy without expensive software or heavy equipment. By joining the exceptionally talented team at Instagram, we’re taking another big step towards realizing that mission.” Terms of the deal were undisclosed.
Unlike the rash of acqhires in Silicon Valley, this deal comes with Luma’s technology. This includes video stabilization, which Instagram is apparently now using to improve its own stabilization tech that launched alongside its new video sharing feature in June.
Instagram might also make use of Luma’s “non-disruptive” video filtering technology, which allows videos to be shot with filters turned on, but switched or removed after a video has been recorded. Luma also had a suite of video editing tools that could aid Instagram 130 million+ users.
More details to come.
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