GoPro (GPRO) on Watch as Potential Competitor Scooped-up by Seagate (STX)

Seagate (Nasdaq: STX) is said to have acquired Lyve Minds, which is a personal medis startup that was supposed to launch a GoPro-like action camera.

said Monday that Lyve Minds is unlikely to launch the camera on time, if at all.

Lyve Minds is run by Tim Bucher, who recently worked at Apple (Nasdaq: AAPL) as head of hardware engineering. Bucher has since joined Seagate following closure of the deal.

Details surrounding the deal are sparse and there is no real indication that Seagate bought Lyve Minds, which was completed over the summer.

Lyve Minds was going to release a 4K video-capable camera with instantaneous backup on the company's storage devices. While the camera was expected to launch this fall, no further information has been released about a launch date, price, or specs.

Shares of GoPro are up over 4 percent late Monday.

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