Meta the augmented reality startup which was closed back in January is now coming back. A new company called meta view has announced that it has acquired the old Meta augmented reality assets. Meta was sold because the company’s creditor unexpectedly foreclosed on its loan. The new company will operate by former Qualcomm executive and Vuforia president Jay Wright, and its building would become a complete hardware and software solution for a specific case, instead of a generalist AR headset.
However, Meta got global recognition for its Meta 2 headset and wide field-of-view (FOV) display system that gave users an immersive view of digital content on the physical world. Wright wanted to bring fresh and experienced leadership as they take the reigns of the company.
“The potential for spatial computing is intoxicating,” Wright said in a statement. “It has fostered a highly competitive and dynamic landscape that I’ve traversed for more than a decade. This experience and insight have equipped me to identify a different approach, and I couldn’t be more excited to build a new company, a new product, and a world-class team to drive it forward.”
Moreover, at Qualcomm Wright took Vuforia from inception in 2008 to become the most widely used augmented reality development platform. With almost 45000 developers and 50,000 applications in the App Store and Google Play. Later Wright presided over Qualcomm Vuforia augmented reality software platform that was sold in 2015 to internet things company PTC. He expanded Vuforia beyond developers with the release of Vuforia Chalk. It is a remote assistance solution described as the future of education, service, and support.
Investor Olive tree ventures’ Manor Zemer said in a statement:
“Jay Wright brings a broad perspective and a fresh strategy to the table. He has a deep understanding of AR applications, technologies, and barriers to adoption and is uniquely positioned to take his expertise and apply it to developing a product that marries both technology capabilities and market need, driving real value.”
In another statement by Mayer Gniwisch who is the general partner at Olive Tree Ventures said:
“We remain extremely bullish on the potential for spatial computing. Our belief was so strong that we did a somewhat non-traditional VC deal to acquire the assets, start a new company, and find a new CEO with a vision and focus we believed in.”
The new owners will continue to support the previous company management of Meta 2 devices but will not offer Meta 2 for sale.