Snap recently acquired UK-based AR display maker, WaveOptics, for around five hundred million dollars. Snap stated that the company would pay half the $500 million in stock at closing and will pay the remaining half in either cash or stock in two years. WaveOptics will create waveguides for Snap. According to Snap, they will remain a supplier to other companies.

Most augmented reality companies consider mastery of waveguides as a vital element for the mass manufacturing of hardware. Some of the companies developing waveguides include Vuzix, Lumus, Dispelix, and Digilens. In addition, big tech companies like Facebook and Apple have also worked on waveguides.

Founders of WaveOptics are engineers who previously created optical tech for the helmets of fighter pilots. PitchBook has estimated the valuation of WaveOptics at $105 million.

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