Lightricks

 

“Reinventing creativity through technology”

Founded: 2013, Jerusalem, Israel

Category: Application Software

Primary office: Jerusalem, Israel

Core technical team:

Jerusalem, Israel

Status: Private

Employees: 255

Amount raised:USD$ 205million (3 rounds – July 2019)

OVERVIEW

  • Develops advanced technologies to offer enhanced vision, graphics and image processing integrations for mobile devices.
  • Invests in technologies that provide proprietary algorithms and augmented reality components for photo and video editing
  • Started as a group project for SIGGRAPH and evolved into developing AI- powered video and photo editing mobile apps
  • Builds application for photo and video editing

PERFORMANCE METRICS

  • Valuation: USD$1 Billion (2019)
  • Estimated Revenue: USD$10 million (2020)
  • 180 million downloads and 3 million paying subscribers

ACHIEVEMENTS

  • Developed two bestselling apps
  • Launch of new artistic photo editor app; QuickArt
  • Apple #Best of 2019 Trends of the Year
  • Google Play Best of 2019
  • Launch of App on integrated platform; Apple IoS

Sells

  • Monthly Subscriptions that allows users to filter and edit content
  • Enterprise Software for creating Video Ads for businesses
  • Multi-channel photo and video software

Channels

  • Mobile based – Product is on App Marketplace
  • Freemium based software, offer of free trial and then subscription based model
  • User friendly interface compatible with social media platforms and can be used for digital marketing
  • Integrator Partners; Apple integrates software into devices

Competencies

  • Expert Design Community
  • High level of technical expertise in Artificial intelligence to apply different enhancement techniques to each element of the image for highly-contextual effects.
  • Product platform is available in 12 different languages

Distinct AI Features

Type

  • Deep neural networks
  • Supervised learning

  AI use

  • The company is advancing neural networks by using facial recognition in addition to 3D modelling to apply filter effects on selected points of photo and videos consistently such that lightweight neural networks containing AI powered algorithms are proactive to provide seamless, quick and interactive user experience. Clients are able to fine-tune selfies by adjusting their proportions and manipulate lighting.

AI useRate of return on customer’s investment to make AI work

  • Immediate: Free trial, user friendly and multiple presets to use on software for easy adaptability by novices
  • Long term: Subscription based model, updates can be stressful for users

Databases

  • Large database of computer vision, computer graphics, and image processing activity logs

Quantum Computing

  • N/A

Resources

Assets

  • Technology Ecosystem; Partnership with technology companies like Instagram and Apple
  • Data; Market Surveys to monitor use and client activity on app
  • R&D on computational photography techniques

Processes

  • Product is available online and on mobile platforms
  • Multichannel interface

Priorities

  • Increase customer base and profitability
  • Expand partnership networks
  • Strategic Acquisitions and grow company across borders

References

  1. Lighttricks.2020. https://www.lightricks.com/
  2. Schieber. J. 2020. NewBidders reportedly emerge for TikTok in the US as powerful critics assail the process. TechCrunch https://techcrunch.com/2020/07/28/facetune-maker-lightricks-brings-its-popular-selfie-retouching-features-to-video/.
  3. Rao, P. 2020. Glossy. https://www.glossy.co/beauty/the-company-behind-facetune-goes-after-beauty-influencers-and-small-businesses.
  4. 2020. Organization. https://www.crunchbase.com/organization/lightricks
  5. Business Wire. 2020. https://www.businesswire.com/news/home/20200708005658/en/Lightricks-Launches-%E2%80%9CQuickart%E2%80%9D-Turn-Images-Photos-Digital

Contributors

  • Damilola Balogun