Apple acquires Spektral for $30M.

Denmark Exit 10 October 2018
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Spektral, a Copenhagen, Denmark-based company providing software-based visual effects that applies machine learning to image and video editing, was acquired by Apple.

The transaction was made at the end of 2017, undisclosed at the time, and according to Danish media has the financial scope in the DKK 200M ($31M) range.

Spektral, founded as CloudCutout in 2014 by Henrik Paltoft and Toke Jansen, is a visual effects company that applies machine learning to image and video editing. The duo previously worked together for digitising another of Henrik’s companies, Caramba Imaging. Henrik has worked 20 years in the graphical industry becoming a recognised expert in image optimisation. Toke is an honour's student from Danish Technology University’s division of machine learning and they came up with the idea to build CloudCutout.

Spektral has been investing heavily in research and development, combining machine learning with spectral graph theory to separate people and objects from their original backgrounds and overlay them in a new stream.

Prior to being acquired by Apple, Spektral has raised more than $3M. The last round was announced in June 2017, a $2.8M capital infusion coming from investors including Litecap and Amp Ventures aimed to support the development of its machine learning-powered, real-time, green screen technology. SEED Capital was also an early investor in the company, in a EUR 500k investment round made in 2015.