Snap said to acquire Illumix to enhance AR technology for Specs - report

Investing.com -- Snap Inc. (NYSE: SNAP) has acquired spatial augmented reality company Illumix to strengthen its AR capabilities, according to a report by Variety. The financial terms of the transaction were not disclosed.

Illumix, founded in 2017 by CEO Kirin Sinha, developed AR products designed to connect digital and physical environments. The company gained attention for co-developing an AR version of the video game "Five Nights at Freddy's," which launched in 2019.

Snap's interest in Illumix stems from the company's work in scaling its mapping technology and developing it for real-world applications. As part of the acquisition, Snap will integrate Illumix's technology and platform into its operations as it works to develop its updated Specs glasses. Most of Illumix's employees will join Snap.

Illumix has also worked on incorporating artificial intelligence into physical spaces, with a particular focus on adapting to changing environments.

In April, Snap Inc. announced plans to cut approximately 16% of its global workforce, affecting around 1,000 employees.

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