Despite encountering losses in the billions, Meta isn’t giving up on its Metaverse ambition. Last year, Reality Labs’ Metaverse division lost over $9 billion in its first nine months. Such losses and the change of direction for Meta as a company have dented investor confidence. And the company’s stocks have suffered, having dropped 64% in the past year. Still, Mark Zuckerberg isn’t about to give up on his Metaverse dream. He keeps pumping money into the project.
The latest news is the acquisition of Luxexcel, a European company that deals in 3D-printed prescription lenses. The company should aid Meta’s virtual and augmented reality (VR/AR) efforts, two core technologies for the metaverse.
The deal was initially reported by De Tijd, a Belgian newspaper; however, the details of the transaction are not known. And neither of the two companies involved has disclosed the numbers.
In a statement, Ryan Moore, the head of financial communications at Meta Platforms, notes, “We’re excited that the Luxexcel team has joined Meta, deepening the existing partnership between the two companies.”
Luxexcel is yet to disclose the acquisition on its official website or social media accounts. The company is Dutch-based and began operations in 2009.
It considers itself a pioneer in the 3D-printing business and owns several patents for the creation of prescription lenses. This goes for traditional and smart lenses.
By acquiring Luxexcel, it’s clear that Meta aims to make AR/VR devices more affordable for users. Luxexcel estimates that a huge chunk of the population uses prescription lenses. Therefore, smart eyewear appears suitable for individuals who seek to improve their vision.
The acquisition comes at a time when Meta is facing scrutiny for its other actions. Recently, it acquired Within, a VR fitness company—a move that has been contested by the FTC. The institution seeks to stop Meta from building a virtual reality empire by snapping up every early-stage project in the space.