Recently, there have been reports that Artifact, an AI-driven news curation app founded by Instagram co-founders, is still operational despite announcing its closure in February. Kevin Systrom, one of the founders, mentioned that the operational costs were lower than anticipated, raising questions about their future plans.
In a surprising turn of events, Yahoo has announced the acquisition of Artifact from the founders, Systrom and Mike Krieger, for their AI technology used to curate news for individual users on Yahoo News. This acquisition will result in Artifact shutting down post-deal completion, although the actual value of the acquisition remains undisclosed.
Both Systrom and Krieger will now be advising Yahoo during the transition phase to integrate the AI technology into Yahoo News. At present, there are no concrete plans for them to start a new venture.
Source: Yahoo and The Verge
TLDR: Instagram co-founders’ AI news app Artifact remains operational despite plans to shut down, as Yahoo acquires the technology for integration into Yahoo News. Co-founders will advise Yahoo in the transition phase. No new business plans disclosed at this time.
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