TikTok owner ByteDance has made its first foray into virtual reality through the acquisition of a start-up called Pico.
For ByteDance, which found success with TikTok and Chinese version Douyin, the Pico acquisition marks a push to diversify its business. Beijing-headquartered ByteDance did not disclose the size of the deal but said in a statement that Pico's "comprehensive suite of software and hardware technologies, as well as the talent and deep expertise of the team, will support both our entry to the VR space and long-term investment in this emerging field."
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