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TikTok's owner acquires virtual reality startup

TikTok's owner acquires virtual reality startup

UAE - Mubasher: Beijing-based ByteDance, the owner of TikTok, has acquired a startup Pico to expand its business into virtual reality (VR), CNBC reported.

The transaction will enable ByteDance to enter the emerging VR field by benefitting from Pico’s software and hardware technologies and the expertise of the team.

During the first quarter (Q1) of 2021, the VR startup was the third-largest virtual reality headset maker globally, recording a 44.7% year-on-year (YoY) growth in shipments, according to cited IDC.

"We are optimistic about the future of VR and its alignment with our mission," a ByteDance spokesperson announced.

It is noteworthy to mention that in March, ByteDance acquired the mobile gaming studio Moonton in exchange for $4 billion.