Updated February 22nd, 2024 at 20:06 IST

Jasper Acquires Clipdrop to Expand Corporate Offerings

The companies have achieved unicorn status, raising over $100 million from venture investors.

Reported by: Business Desk
Jasper Acquires Clipdrop to Expand Corporate Offerings | Image:Official website
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Jasper acquires Clipdrop: US-based writing assistant startup Jasper has acquired Clipdrop, an AI-powered photo application, from Stability AI to expand into corporate services. The deal, announced on Wednesday, marks a shift in strategy for Stability AI, a London-based startup known for its image generation AI model, which acquired Clipdrop less than a year ago.

The terms of the deal were not disclosed. Emad Mostaque, CEO of Stability AI, stated in an email that the acquisition will allow the company to focus on developing "cutting-edge open models."

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Unicorn companies

Clipdrop, founded in July 2020 and based in Paris, had previously secured seed investment from Air Street Capital. It was acquired by Stability AI in March 2023. At the time of acquisition, Clipdrop reported having over 15 million users.

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Both Jasper and Stability AI are well-regarded in the field of generative AI, attracting users and investors alike. Both companies have achieved unicorn status, raising over $100 million from venture investors. They are now focused on sustaining growth in a competitive landscape dominated by startups and tech giants.

Jasper, known for its AI-based writing tool, has undergone layoffs and CEO changes as it refocuses its efforts on serving enterprises rather than consumers. The company plans to integrate Clipdrop into its platform while maintaining it as a standalone product.

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(with Reuters inputs)

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Published February 22nd, 2024 at 20:06 IST