TikTok owner ByteDance buys a top virtual reality hardware startup – TechCrunch — techcrunch.com

TikTok parent company ByteDance seems to be looking to one-up Facebook anywhere it can. After taking over the mantle of most-downloaded social media app in the world with TikTok, ByteDance is coming for Facebook’s moonshot, buying up its own virtual reality headset maker called Pico. The deal first reported on by Bloomberg last week was confirmed by the company on Monday, though ByteDance didn’t disclose a price tag for the deal. Pico had raised some $62 million in venture funding from Chinese firms, including a $37 million Series B in March. Like Oculus, they create both hardware and software for their VR devices. Unlike Oculus, they have a substantial presence in China. Pico may not hold the same name recognition as Oculus or HTC, but the company is a top VR hardware maker, selling to consumer audiences in China and enterprise customers in the Western world.

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