The TikTok owner has acquired Chinese VR hardware startup Pico for a reported 5 billion yuan (US$772 million). Pico previously raised around $62 million, including a $37 million Series B round in March.
Pico has been making its own standalone VR headsets, similar to Facebook's Oculus Quest. However, the company's U.S. business has primarily been focused on enterprise VR; Pico is expected to release a new version of its headset, dubbed Pico Neo 3, in the coming months.
It's unclear whether ByteDance has any plans to expand Pico's consumer VR business beyond mainland China; a ByteDance spokesperson only told the South China Morning Post that the company was "optimistic about the future of VR and its alignment with (the company's) mission."