26 July 2017Copyright

Facebook acquires IP recognition start-up

Social media site Facebook has acquired Source3, a start-up focused on the management of IP in user-generated content.

Based in New York City, Source3 was founded by veterans of Google and 3D Systems.

It offers IP recognition and IP licensing services, allowing content creators and online marketplaces to enable the monetisation of user-created products.

The details of the deal, which took place on Monday, July 24, were not disclosed.

Source3 secured $4 million in venture capital funding in September 2015, led by Contour Venture Partners.

“We feel great about this next step in our journey, and we thank everyone who helped us get to where we are today—we couldn’t have gotten this far without immense support from our investors, advisors, employees and others. We can’t wait to see what’s next!” said the announcement on Source3’s website.

In April last year, Facebook announced the launch of Rights Manager, a set of tools that help publishers and creators manage and protect their video content on Facebook.

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