Messaging app developer Snap is acquiring US-based augmented reality (AR) technology provider WaveOptics for over $500m, allowing corporates Goertek, Robert Bosch and Blippar to exit, The Verge reported on Friday.
The transaction will consist of cash and shares, with Snap paying half upfront and the rest in two years’ time, the company told CNBC.
WaveOptics develops and produces diffractive waveguides, a key optical component in AR systems that allows images to be overlayed on to a solid transparent surface such as the glass in AR goggles. Snap recently announced the fourth iteration of its AR goggles, which are sold under the Spectacles brand.
Electronic components manufacturer Goertek and Robert Bosch Venture Capital, the investment arm of industrial technology producer Bosch, joined Hostplus, Octopus Ventures, IP Group, Optimas Capital Partners and Gobi Partners in WaveOptics’ series C round, which closed at $39m in 2019.
The company had received $15.7m in a 2017 series B round featuring RBVC, IP Group (then Touchstone Innovations), Octopus Ventures and Gobi Partners.
RBVC had first invested in WaveOptics through a multimillion-pound series A round in 2015 also backed by AR technology provider Blippar, IP Group, Octopus Ventures and unnamed individuals.
