Posted: Tue Aug 31, 2021 12:22 am Post subject: TikTok Owner ByteDance Buys Leading Virtual Reality Hardware
ByteDance, TikTok's parent company, appears to be looking to integrate Facebook wherever it can. After taking over the world's most downloaded social media app with TikTok, ByteDance is coming on Facebook's Moonshot by acquiring Pico, the maker of its own virtual reality headset.
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The deal, first reported by Bloomberg last week, was confirmed by the company on Monday, although ByteDance did not disclose a price tag for the deal. Pico has raised $62 million in venture capital funding from the Chinese firm, including a Series B value. $37 million in March. Like Oculus, they make both hardware and software for VR devices.
Unlike Oculus, they are plentiful in China. Pico may not be known by the same name as Oculus or HTC, but the company is a hardware maker. Leading VR, sold to consumers in China and enterprise customers in the West.Once Pico found its home at ByteDance, two of the world's largest virtual reality brands were on social media companies.
Ironically, many of the company's North American customers I've spoken to over the years have been. It appears to have opted for at least some of the Pico headphones on Oculus hardware due to Facebook data fatigue and ad-dependent business model. which they fear Oculus will eventually become a large part of
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