Snap Inc., announced on Friday that it plans on purchasing British Augmented Reality (AR) technology company Wave Optics for more than $500 million. The Verge first reported the deal and has been confirmed by a spokesperson from the company. Snapchat is based on technology related to Augmented Reality and this deal will help Snap Inc. take dominance of the Augmented Reality space now and in the future.
It is no news that big technology companies like Apple Inc., Facebook, and even Snapchat are in a race to build Augmented Reality devices and technologies that will be at the forefront of the space.
Snap Inc., headquartered in Santa Monica, California, has confirmed that it will pay half the sum of $500 million for Augmented Reality company Wave Optics in stock at closing and the balance will be paid in either cash or stock in the next two years. Wave Optics has its headquarters in Oxford, England, and designs and produces waveguides for Augmented Reality Wearables.
Snap Inc. unveiled a new version of its Spectacles glasses which is the first to combine Augmented Reality with two built-in cameras, two speakers, and four microphones. The downside to this is that the new spectacles are not going to be available to the public but will only be available to Augmented Reality developers who apply to use the glasses. Snap Inc is a camera company and owns the popular Snapchat app.
Augmented Reality is still in its early stage and when it comes into full swing, will be the ultimate way of making life easy. Already present in smartphones, it will be incorporated into headsets and glasses. Devices using Augmented Reality technology exist but, in the future,, they will be more devices using Augmented Reality and it will be available to everyone.
Augmented Reality has the potentials to function in all aspects of human endeavour from education, to healthcare, to fashion and more.
Companies like Snap Inc. are putting a start to that future!