TikTok parent ByteDance acquires VR headset maker Pico

Beijing: Short-form video app TikTok’s parent company ByteDance is acquiring Chinese virtual reality headset maker Pico.

Founded in 2015, Pico claims to have more than 300 employees around the world. The company has raised some $66 million in venture capital to date.

Currently, the financial details of the deal had not been disclosed, reports CNBC.

In a statement issued to the publication, ByteDance said that Pico’s “comprehensive suite of software and hardware technologies, as well as the talent and deep expertise of the team, will support both our entry to the VR space and long-term investment in this emerging field”.