Bytedance Reportedly Buys Pico for 5 Billion Yuan

TikTok’s parent company Bytedance is rumored to have invested 5 billion yuan ($771 million) in acquiring Chinese VR hardware maker Pico.

In a potentially related development, TikTok recently launched its Effect Studio feature, an AR development platform that allows developers to build AR effect filters for short videos on the platform.

Pico, founded in March 2015, is a technology company focusing on mobile virtual reality technology and product development. The company released Neo 3, its first VR headset to rival Quest, in May, for which it received positive reviews. According to a report by IDC, Pico owned the largest market share in China’s VR market in 2020. It completed a B+ round of financing worth 242 million yuan in March this year.

SEE ALSO: Best VR Headsets for 2020

Headquartered in Beijing, Pico has set up R&D centers and branches in Qingdao, Japan and North America. Its offline sales channels cover more than 40 cities in China. The research team continues to focus on virtual reality technology, interactive technology, market and developer expansion, VR’s large-scale applications and customer service.