Spin Master Acquires AI Sticker Startup Hapiko for Up to $50M
Spin Master Corp., the Canadian toy manufacturer recognized for the Rubik's Cube, is set to purchase Hapiko Inc., a startup from Brooklyn known for Stickerbox, an AI-enabled gadget that transforms children's verbal descriptions into printed stickers. The transaction, valued at $35 million to $50 million, is projected to conclude later this month. This acquisition signifies Spin Master's foray into AI-enhanced toys, broadening its offerings beyond conventional toys and games. Hapiko's innovative technology utilizes AI to convert speech into visual outputs, providing a unique interactive experience for kids. This move highlights a growing trend among toy manufacturers investing in AI to develop personalized and engaging products, emphasizing the rising significance of AI in the toy sector. The deal is pending standard closing conditions and is expected to wrap up by month’s end.
Key facts
- Spin Master Corp. is acquiring Hapiko Inc.
- Hapiko is the Brooklyn-based company behind Stickerbox.
- Stickerbox is an AI-powered device that converts children's spoken descriptions into printed stickers.
- The deal is valued between $35 million and $50 million.
- The acquisition is expected to close later this month.
- Spin Master is known for Rubik's Cube.
- Hapiko Inc. is based in Brooklyn.
- The deal is subject to customary closing conditions.
Entities
Institutions
- Spin Master Corp.
- Hapiko Inc.
Locations
- Brooklyn
- United States
Sources
- Quartz —