Portland startup Streem has sold its augmented reality business to a big Tennessee company, the latest deal in an active year for Silicon Forest tech entrepreneurship.
Founded in 2017, Streem’s technology enables people to use their smartphones to give contractors, designers and service personnel a look inside their home. Plumbers, painters and appliance maintenance workers can use those images to plan work inside a home or identify brands and model numbers so they can acquire repair parts before visiting a jobsite.
Streem’s buyer is Frontdoor, a publicly traded company based in Memphis that spun out from ServiceMaster in 2018. The companies didn’t disclose terms of Thursday’s transaction but said Streem’s owners will receive a mix of cash and stock.
The companies said Streem’s employees will continue working on their technology at Frontdoor but did not say how many people work in the Portland office or if that office will continue operating.
“Our shared visions for simplifying life and delivering innovative technology to help solve problems are extremely aligned,” Streem co-founder and CEO Ryan Fink said in a written statement.
Streem had previously reported $8.5 million in funding and in May said it had acquired a three-person British company to expand its technology portfolio.
Tech startups in the Portland area have received a lot of attention this year, with big investment rounds for SheerID, Bigleaf Networks, RealWear and others. In March, Beaverton financial technology company Nvoicepay sold to a Georgia company for $212 million.