Over the course of the past few months, Snap Inc. (NYSE:$SNAP) has taken quite the beating. And despite this, the Los Angeles, California-based company is reportedly in talks to purchase Chinese drone maker Zero Zero Robotics.
According to media reports, this acquisition will help to boost Snap’s hardware push. First reported by The Information, the Snap & Zero Zero Robotics deal will be between the range of $150 million to $200 million, according to TechCrunch.
Most notably, Zero Zero is known for its Hover Camera Passport Drone. The flying object uses facial recognition to take photographs of users from the air. When the drone first debuted, no other company in the field had introduced anything remotely similar. Now, however, Zero Zero Robotics has to directly compete against some of the most well-known consumer drone companies in the world.
How does this company fit in with the likes of Snap? Well, Snap Inc. was reportedly working on its own drone, however we have yet to hear anything about it since the rumour started circulating earlier this year. Since then, Snap has gone public, and its stock has dropped significantly in value.
Keep in mind that Snap will be hosting another earnings call on August 10, so it’s possible more information will be released about the company’s efforts to make money through hardware.
Featured Image: chroniclelive
