IP Group is exiting the diffractive waveguide producer in a cash-and-share purchase by Snap.
Messaging app developer Snap is acquiring WaveOptics, a US-based augmented reality (AR) technology provider backed by commercialisation firm IP Group, for over $500m, the Verge reported on Friday.
The transaction will consist of cash and shares, with Snap paying half upfront and the rest in two years’ time, the company told CNBC.
WaveOptics develops and produces diffractive waveguides, a key optical component in AR systems that allows images to be overlayed onto a solid transparent surface such as the glass in AR goggles. Snap recently announced the fourth iteration of its AR goggles, which are sold under the Spectacles brand.
IP Group joined electronic components manufacturer Goertek and Robert Bosch Venture Capital (RBVC), the investment arm of industrial technology producer Bosch, as well as Hostplus, Octopus Ventures Optimas Capital Partners and Gobi Partners in WaveOptics’ series C round, which closed at $39m in 2019.
The…
