PicsArt, a Californian startup with Armenian roots, is opening a an AI lab in Moscow.
The company is planning to hire 20 local engineers and invest up to $2 million in the facility. The lab will help PicsArt develop AI approaches for photo filters, AR cameras, and advertising.
Such companies as Microsoft, SAP and Samsung also conduct AI-oriented R&D programs in Russia, notes Vedomosti.
Launched in 2012, PicsArt has developed a leading image editing app available in more tan 30 languages. It claims over 500 million installs and 100 million monthly users. The startup has raised $45 million so far, according to CrunchBase.
Among PicsArt’s shareholders are such funds as DCM Ventures, Insight Venture Partners, Siguler Guff and Sequoia Capital – a rare case for a startup from Eastern Europe.
Sources: VC.ru, Vedomosti, CrunchBase
