INSUBCONTINENT EXCLUSIVE:

Two of the co-founders of the art filter app Prismahave left to build a new social app. Prisma, as you may recall, had a viral moment back

in 2016when selfie takers went crazy for the fine art spin the app AI put on photos — in just a few seconds of processing. Downloads

leapt, art selfies flooded Instagram, and similar arty effects soon found their way into all sorts of rival apps and platforms

Then, after dipping a toe into social waters with the launch of a feed of its own, the companyshifted focus to b2b developer tools— and we

understand it since become profitable. But two of Prisma co-founders,Aleksey Moiseyenkov and Aram Hardy, got itchy feet when they had an

idea for another app business

And they&ve both now left to set up a new startup, called Capture Technologies. The plan is to launch the app — which will be called

Capture — in Q4, with a beta planned for September or October,according to Hardy (who taking the CMO role). They&ve also raised a $1M

seed for Capture, led by US VC firm General Catalyst

Also investing are KPCB, Social Capital, Dream Machine VC(the seed fund of former TechCrunch co-editor Alexia Bonatsos), Paul Heydon, and

Russian internet giant, Mail.Ru Group. Josh Elman from Greylock Partners is also involved as an advisor. Hardy says they had the luxury of

being able to choose their seed investors, after getting a warmer reception for Capture than they&d perhaps expected — thinking it might

be tough to raise funding for a new social app given how that very crowded space has also been monopolized by a handful of major

platforms… (hi Facebook, hey Snap!) But they also believe they&ve identified overlooked territory — where they can offer something fresh

to help people interact with others in real-time. They&re not disclosing further details about the idea or how the Capture app will work at

this stage, as they&re busy building and Hardy says certain elements could change and evolve before launch day. What they will say is that

the app will involve AI, and will put the emphasis for social interactions squarely on the smartphone camera. Speed will also be a vital

ingredient, as it was with Prisma — literally fueling the app virality

&We see a huge move to everything which is happening right now, which is really real-time,& Hardy tells TechCrunch

&Even when we started Prisma there were lots of similar products which were just processing one photo for five, ten, 15 minutes, and people

were not using it because it takes time. &People want everything right now

Right here

So this is a trend which is taking place right now

So we&re trying to give it to them.& &Our team mission is to bring an absolutely new and unique experience to how people interact with

each other

We would like to come up with something unique and really fresh,& adds Moiseyenkov, Capture CEO (pictured above left, with Hardy). &We see a

huge potential in new social apps despite the fact that there are too many huge players.& Having heard the full Capture pitch from Hardy I

can say it certainly seems like an intriguing idea

Though how exactly they go about selectively introducing the concept will be key to building the momentum needed to power their big vision

for the app

But really that true of any social product. Their idea has also hooked a strong line up of seed investors, doubtless helped by the pair

prior success with Prisma

(If there one thing investors love more than a timely, interesting idea, it a team with pedigree — and these two certainly have

that.) &I&m happy to have such an amazing and experienced team,& adds Moiseyenkov, repaying the compliment to Capture investors. &Your first

investors are your team

You have to ask lots of questionslike you do when you decide whether this or that person is a perfect fit for your team

Because investors and the team are those people withwhom you&re going to build a great product

At the same time, investors ask lots of questions to you.& Capture investors were evidently pleased enough with the answers their questions

elicited to cut Capture its founding checks

And the startup&steam is already ten-strong — and hard at work to get a beta launched in fall

The business isbased in the US and Europe, with one office in Moscow, where Hardy says they&ve managed to poach some relevant tech talent

from Russian social media giant vk.com; and another slated to be opening in a couple of weeks time, on Snap home turf of LA. &We&ll be their

neighbors in Venice beach,& he confirms, though he stresses there will still be clear blue water between the two companies& respective

social apps, adding: &Snapchat is really a different product.&

Prisma co-founders raise $1M to build a social app called Capture