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TikTok's parent company acquires VR headset maker Pico

2021-08-30 17:21 by
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ByteDance, the Beijing-based maker of short video platform TikTok, has made another move towards creating its own metaverse with the acquisition of virtual reality (VR) start-up Pico Interactive.

The announcement of the proposed deal comes less than a week after TikTok, announced that it was testing out a new augmented reality studio, which creators might soon be able to use to experiment with new in-app features, including lenses and visual effects.

The financial details around the deal have yet to be disclosed, but according to CNBC ByteDance says that Pico's "comprehensive suite of software and hardware technologies, as well as the talent and deep expertise of the team, will support both our entry to the VR space and long-term investment in this emerging field."

Pico is known for its Neo lineup of standalone virtual reality headsets, most recently the Pico Neo 3. It caters to both consumer and professional customers, and a June IDC report estimates that Pico is the third largest maker of VR headsets, following Facebook subsidiary Oculus and Chinese company DPVR. While the consumer-focused Neo 3 launched exclusively in Asia, Pico is slowly expanding its market, with the business-ready Neo 3 Pro and Neo 3 Pro Eye set for a North American and European release as well.

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