Skip to content

Facebook acquires Sweden-based mapping company Mapillary

Who will be the first trillionaire? Mark Zuckerberg
Jordan Major

Official reports released on June 19 confirmed that Facebook Inc has acquired Mapillary, a Swedish mapping technology company. Mapillary collects multiple images from tens of thousands of contributors. They use these images to create immersive and up-to-date maps, according to the companies.

Jan Erik Solem, the Mapillary Chief Executive Officer is also the founder of this Malmö-based startup. He launched the company in 2013 after leaving Apple Inc in 2013.

Solem said that his company’s technology will come in handy in powering various products like Facebook Marketplace.

Mapillary will also supply data to humanitarian organizations, as reported by Reuters. Earlier, Solem sold Polar Rose, a facial recognition startup, to Apple in 2010. Facebook has confirmed this financial transaction but declined to disclose the terms.

How Mapillary Works

Mapillary strives to offer solutions to a highly expensive problem in mapping: maintaining up-to-date maps with ‘street-level data’ about addresses, signs, and all other information that can be seen on the road.

Major tech companies like Alphabet Inc’s Google and Apple have found a solution for this challenge. They send out fleets of vehicles that are outfitted with cameras and many other sensors to gather images.

On its part, Mapillary crowdsources the images and ingests pictures contributed from smartphones and all other types of cameras. It then uses ‘computer vision’ technology to bind them together into a three-dimensional map.

Most people view that information as essential for the budding self-driving car technology. However, a Facebook spokesman said that it would also enhance Facebook products under development including virtual reality headsets and augmented reality glasses.

Best Crypto Exchange for Intermediate Traders and Investors

  • Invest in cryptocurrencies and 3,000+ other assets including stocks and precious metals.

  • 0% commission on stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit etoro.com/trading/fees.

  • Copy top-performing traders in real time, automatically.

  • eToro USA is registered with FINRA for securities trading.

30+ million Users
Securities trading offered by eToro USA Securities, Inc. (“the BD”), member of FINRA and SIPC. Cryptocurrency offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. Finbold.com is not an affiliate and may be compensated if you access certain products or services offered by the MSB and/or the BD

Read Next:

Finance Digest

By subscribing you agree with Finbold T&C’s & Privacy Policy

Related posts

Sign Up

or

By submitting my information, I agree to the Privacy Policy and Terms of Service.

Already have an account? Sign In

Services

IMPORTANT NOTICE

Finbold is a news and information website. This Site may contain sponsored content, advertisements, and third-party materials, for which Finbold expressly disclaims any liability.

RISK WARNING: Cryptocurrencies are high-risk investments and you should not expect to be protected if something goes wrong. Don’t invest unless you’re prepared to lose all the money you invest. (Click here to learn more about cryptocurrency risks.)

By accessing this Site, you acknowledge that you understand these risks and that Finbold bears no responsibility for any losses, damages, or consequences resulting from your use of the Site or reliance on its content. Click here to learn more.