Facebook Acquires VR Startup Oculus For $2B

Image by Sergey Galyonkin | Wikimedia

Image by Sergey Galyonkin | Wikimedia

Facebook revealed that it has purchased a California-based startup specializing in virtual reality products for $2 billion.

A product of crowdfunding

The startup, Oculus VR, features its flagship product the “Oculus Rift,” which is a goggle-like headset that provides “immersive” video gaming. It started as a project in popular crowdfunding site Kickstarter, until it received the necessary investment to begin the project.

Facebook chief exec Mark Zuckerberg said that VR technology would “change the way we work, play, and communicate.”

The Rift headset is yet to be released, although the company has revealed that over 75,000 orders for development kits were already placed. It made its debut at the Las Vegas CES technology show in January, and it was highly commended in the said event.

‘Platform of tomorrow’

The acquisition deal involves $400 million in cash and 23 million shares on Facebook, which is valued at $1.6 billion. Employees of the startup are also set to receive an extra $300 million bonus if certain targets are achieved.

Zuckerberg commented on the deal: “Mobile is the platform of today, and now we’re also getting ready for the platforms of tomorrow.”