Apple to ramp up VR game with its next $100 million acquisition
Apple is in process of California-based VR firm NextVR. The deal is said to be worth $100 million.
Apple hasn't gone big on the Virtual Reality (VR) space yet despite the technology is said to have big commercial prospects. Even as Facebook (Oculus) and Microsoft (HoloLens) have taken a lead, Apple is reportedly looking to join the fray soon with its next multimillion-dollar acquisition.
According to 9to5, Apple is in process of acquiring California-based VR firm NextVR. The deal is estimated to be worth $100 million. While the process hasn't been completed yet, NextVR has started informing its employees about relocating to Cupertino from San Diego.
The acquisition is expected to propel Apple's VR initiatives as NextVR brings things like VR for sports and entertainment, and a patent that upscales video streams. The company has about 40 patents.
NextVR provides VR support for live events such NBA and Wimbledon. It also brings livestream of many live music events. The VR streams are provided on headsets Sony's PlayStation, Oculus, Lenovo, and more.
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Apple has been gradually expanding its Augmented Reality portfolio over the years. The company has already launched ARKit to bring AR-based solutions on iOS. Lidar on iPads has also augmented its capabilities.
On the VR front, the company has made some acquisitions but never beefed up the portfolio as it did for the AR. Back in 2017, Apple acquired VR headset company Vrvana. The deal was worth $30 million.