The Israeli company’s acquisition by Google is rumored to be valued at around $10 million, though neither company would comment on the move.

Quicksee lets users build “Virtual Reality” areas inside buildings or where Google’s streetview camera-toting cars cannot go.  For instance, you would film the roof of your building with a normal camcorder and the software would  stitch together a 360-degree moving panorama.

The video is then uploaded to Quiksee’s server with geo-location and directional data. Quiksee places in a Google (convenient!) map for people who might be looking for 360 degree landscapes of that area.

[youtube=http://www.youtube.com/watch?v=rC2J5q-dZUw&w=600&h=375]

Now, Google will likely add the tool to its repertoire of data gathering methods for better geo-indexing the globe.  In particular, businesses will be able to utilize Quiksee’s VR tools to build out their Google Places profile.Here’s a great example of a Quiksee user going where “Google Streetview camera’s cannot go”.