Verizon Acquires Fading VR Startup Jaunt's Tech Assets
Verizon picks up the technology assets of Disney-backed virtual reality startup Jaunt after the company struggles to find a sustainable business model. The deal includes both Jaunt's older VR tech and newer augmented reality efforts, though no employees are joining Verizon.
Verizon acquires the technology assets of virtual reality startup Jaunt, marking the end of a troubled era for the once-hyped company. Jaunt raises $100 million from high-profile investors like Disney and GV, but it struggles for years to find a profitable business model in the immersive entertainment space. A previously reported deal to sell the VR assets to Spinview Global never materializes, leaving Verizon to sweep up the remaining technology.
The telecommunications giant takes control of both Jaunt's legacy VR software and hardware, as well as its newer augmented reality and volumetric video efforts. No Jaunt employees officially transition to Verizon as part of the deal, though a few staff members assist briefly with integrating the technology. A company spokesperson declines to comment on whether Jaunt is completely winding down operations after this sale.
Verizon pursues this acquisition to bolster its existing media ecosystem, which already includes the VR content studio RYOT. The company's Envrnmnt division focuses on making AR and VR applications run efficiently on mobile networks, a goal that aligns perfectly with Jaunt's expertise in managing bandwidth strains for broadcasters. The financial terms of the asset sale remain undisclosed.