What's the news?
TikTok-parent ByteDance is acquiring virtual reality startup Pico Interactive for an undisclosed sum. It said that Pico's software and hardware, as well as its talent and expertise, will support ByteDance's "entry to the VR space and long-term investment in this emerging field". Pico was the third-largest virtual reality headset maker globally in the first quarter of 2021, according to IDC.
More to know
Pico is known for its Neo lineup of standalone virtual reality headsets, most recently the Pico Neo 3. It caters to both consumer and professional customers, and a June IDC report estimates that Pico is the third largest maker of VR headsets, following Facebook subsidiary Oculus and Chinese company DPVR.