Meta Eyes Partnership With Magic Leap
According to sources familiar with the matter, Meta is searching for ways that Magic Leap might offer intellectual property licencing and contract manufacturing in North America to help it manufacture mainstream AR products.
Magic Leap is a company that focuses in creating unique parts such as lenses and accompanying software that are critical technologies for the metaverse.
According to people involved with the negotiations, no specific joint Meta-Magic Leap headgear is expected to come from the deal.
Magic Leap stated that partnerships were becoming a “significant line of business and growing opportunity for Magic Leap” without confirming the conversations.
Magic Leap, situated in Florida, is believed to have raised more than $3.5 billion in fundraising rounds from companies such as Google, Qualcomm, and Alibaba.
The news comes as iPhone maker Apple prepares to launch its virtual reality (VR) headset, which is expected to offer access to hundreds of thousands of apps.
In a separate development, the European Union imposed a record $1.3bn fine on Meta for violating data privacy rules.
(With inputs from Shikha Singh)
You need to login in order to Like
