The parent company of Snapchat has reportedly entered talks to buy Zero Zero Robotics, the creator of the Hover Camera Passport Drone.
Read: Snapchat’s Stock Just Suffered a Big Setback
According to The Information, the drone manufacturer approached Snap to seek funding. The company’s best known product, the Hover Camera Passport Drone, is billed as an ultra lightweight ‘selfie drone’, designed to track your face and follow you. The product is currently exclusively available through Apple at its retail stores and online. If Snap buys Zero Zero, this deal would likely end.
While the purchase price has not been made public, a source told TechCrunch that the deal would cost between $150 million-$200 million. Neither Snap nor Zero Zero have commented on the reports.
Read: How Snapchat’s IPO Became One of Wall Street’s Biggest Flops
This news follows reports that Snap acquired drone maker Ctrl Me Robotics earlier this year, after attempting to build a drone of its own. The acquisition of Zero Zero would serve as another step in Snap’s expansion into hardware, following its Snap Spectacles.
The news broke on the day that Snap Inc’s shares hit a new record low of $13.10. They’re now down 23% from the price at the company’s blockbuster IPO in March.
