Meta* takes over augmented reality eyewear maker Luxexce

The American company that owns the largest social network in the world bought out the developer of augmented reality glasses Luxexcel

The Meta* company (recognized as extremist by the Russian authorities and banned in the country) took over the developer of augmented reality glasses Luxexcel. Writes about it TechCrunch with reference to representatives of the company. The details of the deal and its amount remain unknown.

Founded in 2009, Luxexcel has been developing augmented reality glasses using 3D printers.. Recently, the firm has been actively exploring a new direction – smart lenses that can be printed using integrated technologies such as LCDs or holographic film.

The firm is expected to help Meta develop a virtual reality direction that has already generated a lot of controversy.. For example, hedge fund Altimeter Capital Management, which owns a 0.1% stake in META, called on the US company to regain investor confidence by limiting spending on Reality Labs, a division that targets the metaverse.. According to Altimeter Capital CEO Brad Gerstner, Meta's investment in “an unknown future is oversized and terrifying, even by Silicon Valley standards.”

In October 2022, Meta warned that they expected “substantial” losses due to the development of the metaverse. Since the beginning of 2022, Reality Labs has “eaten” the Meta budget by $5.8 billion. In 2023, the company's costs for the work of Reality Labs will increase significantly, according to Meta's financial report for the third quarter.

Despite the skepticism, Meta's CTO Andrew Bosworth said the company will continue to invest in the development of the metaverse.. According to him, in 2023 the company still intends to spend up to 20% of its capital on the development of the metaverse.. That percentage of investment makes sense for a company looking to stay at the forefront of “one of the most competitive and innovative industries in the world,” he added.

At the same time, Bosworth acknowledged that the long-term value of the technology will depend on how it is received by developers and digital artists.. How long Meta plans to work on the metaverse is unclear.


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