An Atlanta-based augmented reality startup that gained notoriety on the ABC investor show "Shark Tank" has been acquired by Carvana, an online auto retailer.
Car360, previously known as Egos Ventures, develops augmented reality software for the auto industry using photos taken with a mobile device. Carvana, which also has a focus on digital imagery for the car buying experience, could potentially enhance their tech with the help of this new acquisition.
According to TechCrunch, Carvana offered $6.7 million in cash and $15.2 million in new stock, for a total acquisition price of about $22 million. All Car360 employees will continue working with Carvana.
“Carvana and Car360 both believe in the power of putting amazing technology in the hands of the customer so they can make one of the largest purchase decisions of their life with transparency and confidence,” said Ernie Garcia, founder and CEO of Carvana, in a statement. “Bringing the Car360 team into the fold, we add even more entrepreneurial strength in computer vision, AR and app based photo capture. This technology unlocks a number of exciting capabilities that will further our mission to change the way people buy cars.”
Founder Bruno Francois originally appeared on "Shark Tank" in 2013 with the Car360 app and secured an initial investment of $300,000 from celebrity investor Mark Cuban. The company raised $3.55 million in a Series A round last year, coming to a total of $3.9 million raised. In the beginning stages of the startup, Car360 became the No. 1 downloaded app on the Apple App Store with more than 20 million downloads.
“We have long admired Carvana’s pioneering 360 work, and couldn’t be more excited to team up,” Francois said in a news release. “Focusing our technology and innovation within the disruptive force Carvana has established in the industry means we can realize the full potential of our technology more quickly, and at significant scale – we’re looking forward to seeing what’s possible, together.”
