Snap announced on Friday that it might acquire WaveOptics, a UK augmented reality (AR) technology company, for quite $ 500 million (roughly Rs.3,645 crore).
The deal, first reported by The Verge and confirmed by a Snap spokesperson, will help the Snapchat photo messaging app owner find its way into a future where AR glasses could also be global.
Snap, with other tech giants like Apple and Facebook, are fighting to create AR devices because after the smartphone it will be as the next technological frontier.
The vision behind AR glasses is that they might allow a user to virtually see route directions ahead of them, or see information a few landmark in their surroundings, for instance.
Snap said it will pay half the $ 500 million for WaveOptics available at close, and therefore the spouse are going to be paid in cash or stock in two years. Snap is found in Santa Monica, California, while WaveOptics main office is in Oxford, England.
Snap revealed a replacement version of its Spectacles glasses on Thursday, the primary to combine AR with two built-in cameras, 2 speakers and 4 microphones.
The new Spectacles won’t be sold to the general public and can only be available to AR developers who request to use the glasses.