US operator Verizon purchased software and technology assets from virtual reality (VR) startup Jaunt XR for an undisclosed sum, as it aims to enhance its sprawling media portfolio with new augmented reality (AR) features.
Terms of the deal were not disclosed. However, Jaunt XR CEO Mitzi Reaugh said in a statement the company was “thrilled” with the arrangement and “excited for its next chapter with Verizon”.
The acquisition caps a period of upheaval at Jaunt XR, which cycled through a series of CEOs between 2016 and 2018, and in October 2018 shifted its focus from VR to AR projects.
Jaunt XR said it would work with Verizon to transition its assets over a “brief period of time,” but it is unclear whether the startup will continue operating after the handover is complete.
Verizon’s interest in Jaunt XR’s assets comes as the operator increasingly deploys AR technology across its family of media assets and hones in on the technology as a key 5G use case.
In July, Verizon debuted support for AR features in stories on its Yahoo News app, and last week announced digital advertisers can now run AR campaigns which allow consumers to interact with products using their smartphone camera and screen.Subscribe to our daily newsletter Back