Snap Inc has been making moves toward augmented reality technology lately. Not only has the company announced that its next-generation version of glasses will be an AR device, but it has also announced the purchase of WaveOptics, a startup that manufactures optics for augmented reality devices. As The Verge confirms, Snap has already made a deal with the British startup. The deal amounted to “more than $500 million.”
WaveOptics, which employs 125 people, reportedly now works in Snap’s hardware division. The Verge notes that Snap paid for half of the purchase in stock and reserves the right to either pay in cash or stock after two years.
Founded in 2014, WaveOptics makes waveguide optics, microprojectors and full AR modules. Its waveguide technology is used in many AR headsets, such as the Rokid Project Aurora. A Snap spokesperson confirmed that WaveOptics will continue to work to supply its technology to other companies while working with Snap on custom AR optics.