QuickFire, a video compression startup has now acquired by Facebook for an undisclosed amount. On 8th January 2015, Craig Y. Lee, CEO has announced that they are joining facebook.
This is Facebook’s second acquisition this week after acquiring Palo-Alto based voice recognition start up Wit.ai. Wit.ai provides an API for building voice-activated interfaces and has over 6000 developers on its platform.
QuickFire Networks was founded on the premise that the current network infrastructure is not sufficient to support the massive consumption of video that’s happening online without compromising on video quality.
QuickFire Networks solves this capacity problem via proprietary technology that dramatically reduces the bandwidth needed to view video online without degrading video quality.
Over the past few years, the team has worked hard to meet the demanding needs of content creators around the world. Ultimately our goal has always been to provide a premium quality, immediate, bandwidth-friendly video experience to consumers.
With this acquisition, some key members of QuickFire team will join Facebook to help to deliver high quality video experiences to all the people who consume video on Facebook.