Snap spins off AI video team into new company, Dotmo, due to costs
Quick Answer
Snap Inc.
Quick Take
has spun off its AI video team into a new company called Dotmo, as part of a cost-cutting strategy. This move will see current Snap employees transition to Dotmo to focus exclusively on AI video development, reflecting Snap's shift in priorities amidst financial pressures.
Key Points
- Dotmo will consist of existing Snap employees focusing on AI video.
- The spin-off is part of Snap's broader cost-cutting measures.
- Snap continues to shift its focus amidst financial challenges.
Source Excerpt
The Snapchat maker is spinning off yet another internal unit. Dotmo will be composed of current Snap staff who are leaving the social media company to focus on AI video development.
Want this in your inbox every morning?
Daily brief at your local 8am — bilingual EN/中文, free.
More from TechCrunch
See more →
AI chip startup Etched defies skeptics, hits $10.3B valuation from big-name investors
AI chip startup Etched has achieved a $10.3 billion valuation after a $300 million Series C funding round, led by Sequoia and supported by notable investors like Andreessen Horowitz. The company claims to have developed innovative low-voltage chips for AI inference, significantly enhancing performance and reducing costs, with $1 billion in orders already booked.
