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06-06-2014, 10:23 PM #1
Social Search Startup Spotsetter Gets Acquired By Apple
A Silicon Valley startup, Spotsetter, is said to have been bought out by Apple for an unknown amount. Spotsetter is a company that analyzes someone’s social circle in order to give more relevant recommendations on new restaurants to try or new places to visit. It was reported by TechCrunch that Apple made the deal so they could obtain access to Spotsetter’s recommendation technology and it may be added to Apple’s Maps.
Stephen Tse and Jonny Lee, Spotsetter’s cofounders and ex-Google Maps engineers have already moved to Cupertino. However, the move was not a so-called “acqui-hire” because Apple was said to have filed patents related to its recommendation algorithms. It is said that Spotsetter raised less than $1.5 million in venture financing, therefore, the acquisition price may be in the mid tens of millions of dollars.
According to Lee, the app is closing down but “still has big dreams for personalized search for places and look forward to seeing great progress in this area." The announcement was done in a blog post by Lee almost a week ago.