×
You will be redirected back to your article in seconds

The New Owner of Meta’s Assets Comes Out of Stealth, Announces CEO Appointment

Confirming a previous Variety report, a new company called Meta View announced Tuesday that it has acquired the intellectual property assets of failed augmented reality (AR) startup Meta. Meta View won’t be selling Meta’s AR headset anymore, but said that it would continue to support existing users of the device.

Meta View is being led by CEO Jay Wright, who previously served as president and general manager of Vuforia, Qualcomm’s augmented reality division. The company acquired patents and trademarks from Meta’s lender earlier this year after the startup had run out of funding.

The deal was brokered and financially backed by Olive Tree Ventures and BSGN Capital, two of Meta’s early-stage investors. Variety was first to report in February that Olive Tree was involved in the purchase of Meta’s trademarks.

“We remain extremely bullish on the potential for spatial computing,” said Olive Tree Ventures general partner Mayer Gniwisch in a statement released Tuesday. “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 potential for spatial computing is intoxicating,” added Wright. “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.”

The official announcement of the new company is the latest part of a turbulent saga around Meta and its AR headset. Founded in late 2012, Meta aimed to compete with heavily-funded Magic Leap as well as industry giant Microsoft to build a mass market for AR headsets.

But while the company and its CEO were good at marketing their vision, Meta struggled to sell more than a few thousand devices, and ran out of funding in 2018. The company first furloughed most of its staff in September, then laid almost everyone off in December. The company’s CEO still tried to secure additional funding, but one of Meta’s lenders ultimately pulled the loan, freeing the way for Olive Tree to purchase its assets.

Meta View has since hired over a dozen former Meta staffers, and maintains offices in both San Mateo, Calif. and Tel Aviv, according to a spokesperson, who said that the company was actively looking to hire additional staffers.

It’s still unclear what exactly Meta View aims to do with Meta’s assets. The company’s spokesperson told Variety that it was going to be “focused on a complete hardware and software solution for a specific use case,” but wouldn’t elaborate further. In it’s release, Meta View simply said that it had hired Wright as CEO to inject “fresh focus and experienced leadership to chart the new company on a new course.”

Popular on Variety

More Digital

  • The Simpsons

    Disney Plus Will Make 'The Simpsons' Available in Original Uncropped Format in Early 2020

    Eep! After an outcry from “The Simpsons” aficionados, Disney has decided to offer classic episodes of the iconic animated sitcom on Disney Plus in their original 4-by-3 aspect ratio early next year. The streaming service launched Nov. 12 in the U.S., Canada and the Netherlands with the full batch of “Simpsons” episodes in 16-by-9 HD [...]

  • Verizon Stream TV

    Stream TV Review: Verizon’s New Streaming Device Is One Odd Duck

    Verizon has an answer to Roku, but it’s not talking much about it: The mobile carrier quietly released a new streaming device this week that promises to bring services like HBO, Hulu and YouTube to your TV. Dubbed Stream TV, the device is a solid streamer based on Google’s Android TV platform, albeit with a [...]

  • Hulu With Live TV Full Channel

    Hulu Hiking Price of Live TV Service 22%, to $55 per Month

    Hulu is implementing its second price increase in less than a year for its Hulu With Live TV product — with the base package of 60-plus live channels increasing 22%, to $54.99 per month. The price hike on the monthly base price of Hulu With Live TV will go into effect Dec. 18 for all [...]

  • Hulu With Live TV

    Hulu Live TV Tops Sling TV as No. 1 Streaming Pay-TV Service, Analysts Estimate

    Hulu With Live TV has edged out Dish Network’s Sling TV to take the crown as the biggest virtual pay-television service in the U.S., according to new analyst estimates. They were among the only winners amid the cord-cutting carnage that slashed through the sector in the third quarter. As of the end of the third [...]

  • Mubi India

    Mubi Launches Two VoD Channels in India

    Film specialist streaming platform Mubi launched on Friday in India with two channels, Mubi India and Mubi World. The channels are available together for an introductory offer of INR 199 ($2.75) for three months. Thereafter the channels will cost INR 499 ($7) a month or INR 4788 ($66.75) annually. For Mubi India, a channel dedicated [...]

  • U.K. Producer Barcroft Studios Sold to

    U.K.-Based Producer Barcroft Studios Sold to Future in $30 Million Deal

    Barcroft Studios has been bought by Future in a £23.5 million ($30.1 million) deal. The U.K.-based production outfit specializes in factual fare for channels and platforms, and its own branded channels on the likes of YouTube. Future is a U.K.-listed print and online publishing and events business. Sam Barcroft will stay on as CEO at [...]

More From Our Brands

Access exclusive content