According to sources, Social networking giant Facebook has taken over the firm Chai Labs. The exact value of the deal is not yet confirmed but it likely to be around 11 million dollars.

As per a regulatory filing, the California based Chai Labs had raised 1.1 million dollars of funding in previous year and it had raised 1.3 million dollars before that. This firm was founded by the former executive of Google AdSense Gokul Rajaram.

The Chai Labs advisors include investors like Joe Kraus, Reid Hoffman and Marc Andreessen. On the company website the Chai Labs has said it is able to bring new talent to the firm and it can still drive the customer and generate revenue for the customers.

The ability of creating, storing and delivering content is a main prospect for Facebook, that’s why the social networking major Facebook is trying to work with the multimedia firms like Chai Labs rather than competing with them. Chai Labs was recently valued at 23 billion dollars in the US.

However, both the firms have not responded to the queries about the deal yet.