Leading Chinese VR hardware manufacturer Pico sent an all-staff letter on Sunday, revealing that the company was to be acquired by Internet giant ByteDance. As a result of the acquisition, according to Pico, users will have access to more content support and upgraded technology services.
STCN reported that ByteDance has made long-term investments in VR/AR R&D and has harvested many technical achievements in interactive systems, environmental understanding and other aspects of the technologies. It is reported that Pico would be merged into ByteDance’s VR-related business, integrated into the firm’s content resources and technical capabilities, and further increase investment in product development and developer ecology.
Pico was founded in 2015 by Zhou Hongwei, also the current CEO. Its main supplier is Chinese acoustic components company, GoerTek. After being acquired by ByteDance, Pico will continue to cooperate with GoerTek as both firms have signed a long-term strategic cooperation agreement to ensure the stable operation of the supply chain.
Pico focuses on the mobile standalone VR market. In addition to providing games and audio-visual entertainment services for consumers, Pico’s VR products and technologies have also been put into the enterprise market, creating VR solutions for organizations involved in training, medical care, exhibitions and other industries. For example, in medical assistance enterprises, Pico products are used in virtual reality treatment systems such as neurological rehabilitation, physical therapy and clinical environmental assessment.
CEO Zhou Hongwei said in his letter to all employees that VR could bring people a richer perception and greater interactive experience, which was consistent with ByteDance’s mission of “stimulating creation and enriching life.”