Instagram has just bought the team and technology of Y Combinator company Luma in its first acquisition ever.Formerly known as Midnox, Luma created an app that offers several features, such as video-capture, stabilization and sharing.
However, this app will soon become history, while TechCrunch reports that Luma’s stabilization technology is already live in Instagram.
The Luma iOS app has disappeared from the App Store, although users will continue to receive support until the end of the year.
Terms of the deal have not been revealed, but Facebook did confirm the acquisition.
“By joining the exceptionally talented team at Instagram, we’re taking another big step towards realizing that mission,” the Luma team wrote after mentioning they want to make capturing and sharing videos easy without the need for expensive software or heavy equipment.