US-based audio equipment producer Bose committed on Friday to provide up to $50m for a corporate venturing unit called Bose Ventures in order to support its augmented reality technology development.
Bose designs and manufactures headphones, speakers and audio systems, but announced the formation of Bose Ventures in tandem with the launch of an audio augmented reality platform called Bose AR.
The firm has also built a prototype pair of smart glasses that can identify what a wearer is seeing and overlay relevant information audibly using a wafer-thin acoustics system Bose has developed.
Bose Ventures will fund startups developing AR technology that can feed into functions such as music, communication, education or travel. Those could theoretically encompass wearable devices, innovative audio technology and digital wellness as well as pure-play AR.
Portfolio companies will also receive assistance with product development, brand management and consumer information, and expertise covering areas such as intellectual property, the supply chain and sales.
Steve Romine, director of corporate development for Bose, is heading the fund as managing director. He is joined by Bose corporate development managers William Rice and Adam Jackson, who have been appointed venture investors.