Struggling AR Startup Meta Acquired by Mystery Buyer After Insolvency
Following a sudden plunge into insolvency, AR headset maker Meta sells its assets to an undisclosed buyer for less than its outstanding bank debt.
Augmented reality startup Meta, which gained early recognition as the first company to ship end-to-end AR glasses out of Y Combinator, finds a new owner after crashing into insolvency. Founder and CEO Meron Gribetz reveals that a mystery buyer acquires the company's assets, though the purchaser's name and industry remain a complete secret to investors and the public.
The new owner already commits to supporting the Meta 2 hardware that is currently on the market. Gribetz notes that 85 to 90 percent of the Meta 2 inventory sells before the acquisition, which happens for less than the amount the company owes to the bank.
Significant questions remain about the future of Meta's intellectual property and its workforce. It is currently unclear how many employees, including Gribetz himself, will join the new owner, although ongoing negotiations suggest the buyer plans to utilize the acquired IP and the Meta brand in some capacity.