Short-form video app TikTok’s parent company ByteDance is acquiring Chinese virtual reality headset maker Pico.
Pico has more than 300 employees around the world. The company has raised some $66 million in venture capital to date.
ByteDance said “that Pico’s software and hardware technologies, as well as the talent and expertise of the team, will support both our entry to the VR space and long-term investment in this emerging field.”
The company released Neo 3, its first VR headset to rival Quest, in May. According to a report by IDC, Pico owned the largest market share in China’s VR market in 2020.
TikTok recently launched a new creative tool-set called TikTok Effect Studio, currently in private beta testing, that will allow its own developer community to build augmented reality (AR) effects for the platform.
TikTok is asking developers to sign up for early access to Effect Studio on a new website titled Effect House.