The photo messaging app- Snapchat, just as recent as yesterday announced the latest model of its spectacles augmented reality glasses. Today, the photo messaging company gave away a bit more of the information on the same.
The company Snapchat said that it is acquiring WaveOptics, which is an AR start-up that makes the waveguides along with the projectors which are used in AR glasses
The person who wears the spectacles can see the virtual images overlayed on top of the views of the real world behind the translucent glasses. Snapchat is working with WavesOptics to build the latest version of these spectacles with the top technology.
The first news of this deal being made and the collaboration being formed was given away by news firm- The Verge. One of the representative from the Snap himself told this to the media. Snapchat is willing to pay almost $500 million for this start-up in the form of cash as well as a stock deal.
The first half of the fundings will be in the form of stocks when the deal between both the companies closes.
The remaining funds will be paid in the form of cash and capital or perhaps even stocks again in the course of the following two years.
The deal is a big step for WaveOptrics. WaveOptics had earlier raised funds which were worth $65 million from various huge investors which included Bosch, Octopus Ventures and a host of individual entities including Stan Boland, who is a veteran entrepreneur in the UK, most recently at FiveA and Ambarish Mitra who is the co-founder of early AR startup Blippar. PitchBook estimates that the most recent valuation of the company was only around $105 million.
WaveOptics was founded and launched in Oxford. As per the deals and information that we know for now, the company will continue to be based in the UK.