Meta’s Augmented Reality Bought By An Unknown Company

Meta, a company that developed AR products was founded by Meron Gribetz in 2013 and has been moving forward its path since then. Meta has received many awards including 30 under 30 award, best heads up display award, etc., and has been creating a place in the tech world, until its graph went down in 2018. In the previous year, the company ran out of money for funding their business as well as a provision to raise new funds.

This big blow to Meta was caused as a result of trade tensions between China and the US, in which the company was not granted the promised 20 million dollars offered by a Chinese company. This happened in September 2018, whereby the company was forced to send two-thirds of its 100 employees on temporary leave. On top of it, Meta was also fighting a patent infringement suit at the same time.

Bloomberg reported, “The Chinese government sent an official request to our lead investor to re-evaluate the deal based on the recent actions from the Trump administration.”

The latest news about Meta is that its assets have been acquired by an unknown buyer. The buyer’s name or organization has not been revealed yet, but can be expected to be revealed soon, as Meron Gribetz told in an interview.

He also added that the new buyer will be supporting the hardware which is already in the market (Meta 2), but didn’t give much information about the future plans or products. Also, the details about whether the Meta crew will be joining the new owner is also not clear.

Meta 2 is one of decent ARs available in the market, and Engadget described it as “a complete AR experience compared to the Hololens.” More than 85 percent of the stock in the company’s inventory of the Meta 2 has been sold out and have been receiving good feedbacks.

Over the years, they have managed to raise about $83 million and reached valuations up to $300 million. The Meta’s investors included Lenovo, Tencent, Dolby, Comcast, and 24 others.