Snap acquires AR display provider WaveOptics for $500M

Snap which is the parent company of popular social media app Snapchat has acquired augmented reality (AR) display provider WaveOptics, that power its new Spectacles glasses, for more than $500 million, the media reported.

According to The Verge, the UK-based WaveOptics will continue to supply other firms with its display technology called “waveguides” and work with Snap on custom optical systems.

Snap unveiled the next generation of Spectacles on Thursday, its first pair of glasses that bring augmented reality to life.