Meta Platforms Inc is mulling a potential buyout of AdHawk Microsystems, an virtual reality (VR) eye-tracking technology firm, Bloomberg reported on Monday, citing anonymous sources.
Bloomberg’s sources stated AdHawk had been working with investment bank Moelis & Co, to seek investment from Meta and other potential buyers, with the Menlo Park-based firm hoping to ink a final offer soon, despite no official plans confirmed to date.
New story: Meta/Facebook is considering acquiring AdHawk Microsystems, which develops eye-tracking tech for AR/VR that doesn’t require cameras https://t.co/jO4Be9eLsA
— Mark Gurman (@markgurman) July 25, 2022
AdHawk, a Waterloo, Canada-based startup, developed MindLink smart glass technology that allows devices to accurately track user eye movements to monitor neurological health and behaviour using a microelectromechanical system rather than a camera.
Mindlink’s compact form factor avoids image processing techniques from traditional cameras that consume excessive power, leading to greater energy efficiency and processing speed.
Its Gaze solution captures movements with one degree of accuracy at 500Hz, and can track both in laboratory settings and in field work.
The startup also features major partner firms such as Samsung Venture Investment, Sony Innovation Fund, Intel Capital, HP Tech Ventures, and many others.
According to reports, Meta aims to reach its targets for building the Metaverse, the next communications platform that combines spatial computing and the Internet.
The company’s smart glasses are primarily used for research and development (R&D), setting buyers back $10,000 for each unit. Reports expect Meta to incorporate the firm’s technologies for developing its own mixed reality (MR) solutions.
The news comes as Meta scales back investment and hiring for its Metaverse ambitions, but still aims to release its Project Cambria MR device along with a host of novel immersive solutions and products.
The company has also joined numerous global initiatives such as the Metaverse Standards Forum, the Washington, DC-based XR Association, and its own $50 million ethical Metaverse initiative.