Snapchat parent acquires Th3rd, a company that creates digital 3D counterparts of people, products

US-based instant messaging app Snapchat parent Snap has reportedly acquired Netherlands-based 3D-scanning studio Th3rd for an undisclosed amount.

As part of the development, four team members from Th3rd joined the Snap team, according to a TechCrunch report citing the company's spokesperson statement.

Founded in 2014, Th3rd generates digital 3D counterparts of persons or products and has been investing in AR-powered commerce in recent years and is developing a platform to harness the technology.

The development comes after Snap, this week, launched a new business unit that intends to offer its augmented reality (AI) solutions to retailers and businesses so they can integrate them into their apps.

The new "Augmented Reality Solutions for Business" (ARES) division will enable businesses to adapt Snap's AR features for their apps and websites in order to attract customers and create more immersive experiences.

Notably, It recently launched its own AI chatbot, which is powered by the latest version of OpenAI's ChatGPT technology.

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