The leading Chinese VR hardware manufacturer Pico confirmed the news of acquisition by the Internet giant ByteDance. As per the company, this would help its users obtain access to additional content support and upgraded technology services.
ByteDance has already made significant investments for VR/AR R&D and, as a result, manifested several technical achievements in the domains of interactive systems, environmental understanding, and other aspects of immersive technologies. Reportedly, Pico would be merged into ByteDance’s existing VR-related business. The acquisition would integrate the companies’ content resources and technical capabilities to further their product development initiatives through additional investments.
Pico primarily focuses on the mobile standalone VR market, provides games and audio-visual entertainment services to its users, and also has specific applications in the enterprise market. The company has worked with organizations involved in training, medical care, exhibitions, and other industries to develop VR solutions for specific use cases.
Pico CEO Zhou Hongwei stated in his letter to the company’s employees that VR has the potential to bring people a richer perception and more excellent interactive experience, a thought in sync with ByteDance’s mission of “stimulating creation and enriching life.”
Zhou Hongwei founded the company back in 2015. Currently, the Chinese acoustic components company, GoerTek is the company’s leading supplier. The two companies would continue to work together post the acquisition as they had previously signed a long-term strategic cooperation agreement for stabilizing their supply chain.
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