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Apple could acquire NextVR, an AR/VR company being sold for about $100 million: Repor

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Old 04-06-2020, 12:41 PM
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Default Apple could acquire NextVR, an AR/VR company being sold for about $100 million: Repor

Apple has had ambitious plans for augmented reality for a while now. The company has been reportedly working on developing an AR headset. Now, however, a new report has revealed that the company has taken its first official step in this direction. Apple is reportedly in the process of acquiring a California-based virtual reality company called NextVR.

As per the report by 9to5mac, NextVR a company located in Orange County California has a decade of experience combining virtual reality with sports and entertainment. Currently, the company provides VR experiences for viewing live events. It does this for headsets from PlayStation, Oculus, HTC, Microsoft, and Lenovo.

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Moreover, NextVR has a bunch of patents that will help with Virtual Reality. This includes patented technology that can upscale video streams. NextVR uses this technology to support high-quality video streams of music and sporting events to VR headsets. The company owns a total of over 40 patents.

NextVR also failed to secure a Series C round of funding in early 2019. This resulted in a 40 percent staff reduction later on. The companyís focus on Virtual Reality technologies was viewed as a risk with the rise of Augmented Reality technology. The company has partnered with the NBA, Fox Sports, Wimbledon, and even some live music partners.

The Acquisition is estimated to be valued at around $100 million. Apple is also rumored to be hiring back who developed the product. The acquisition hasnít officially closed yet. However, both companies have started informing employees who will need to relocate from the San Diego region, probably to Cupertino.

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