Artifact is a news reading app that curates news and features content summaries using AI from the two co-founders of Instagram, who announced its closure within less than a year due to limited market expansion opportunities. Despite the initial plan to shut down at the end of February, the app is still operational to date.
This turn of events was not entirely coincidental. Kevin Systrom, one of Artifact’s co-founders, revealed that they decided to keep the app running as the expenses turned out to be significantly lower than anticipated. He discussed with Mike Krieger, the other co-founder, to allow Artifact to continue functioning, with just the two of them overseeing the system, resulting in no feature updates for now. The next steps for this service are currently under consideration.
Artifact is funded by the two co-founders themselves at a substantial multimillion-dollar level, without external investor contributions, ensuring they have the capital to sustain operations for the foreseeable future.
TLDR: Artifact, a news app created by the co-founders of Instagram, remains operational despite initially announcing its closure, citing lower expenses than expected and continued funding from its co-founders.
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