VSN Mobil, a Fort Lauderdale tech startup that developed 360-degree image technology, has signed a letter of intent to sell that technology to 360fly of Pittsburgh.
360fly will buy the assets and intellectual property rights to VSN's 360-degree technology, not its other products, the companies said in a news release. A definitive agreement has not been reached, and terms of the deal were not disclosed.
“We're very pleased to be pursuing this direction with VSN. There are a lot of synergies between our two companies, and the work we’re doing around 360-degree video, virtual reality, and even more advanced applications of our technology,” said Peter Adderton, CEO of 360fly Inc.
VSN Mobile was founded in 2013 by former product designers from Motorola, Foxconn, Samsung and General Dynamics. VSN Mobil president Peter Aloumanis said in the Sun-Sentinel that the agreement positions the companies to advance more innovations at a quicker pace.
VSN Mobile developed a technology for seamless 360-degree high-definition images. During its pitch during the finalist round of the eMerge Americas Startup Showcase this year, VSN Mobile demonstrated its V.360 -- think a 360-degree version of a GoPro camera, with applications for outdoor sports, security, video conferences and drone overviews. VSN mobile won the competition, which included $100,000 in investment from the panel of judges, including the Miami Heat’s Chris Bosh.
VSN Mobil will continue to independently operate its other business units, including one for its V Alert personal alert device. Two dozen engineers who developed VSN Mobil's 360-degree technology may join the Pittsburgh company, according to the news release.