Verizon will own Jaunt’s software and technology, among other assets. Verizon did not reveal terms of the deal.
“We are thrilled with Verizon’s acquisition of Jaunt’s technology,” said Jaunt XR CEO Mitzi Reaugh in a statement. “The Jaunt team has built leading-edge software and we are excited for its next chapter with Verizon.”
The company founded in 2013 has established a foothold in virtual reality (VR) technology, developing hardware, software, tools and apps that enable brands and consumers to make high-quality VR content.
Jaunt later launched a Netflix-style content library for VR headsets, before announcing in 2018 it would transition to augmented reality technology. The company has raised about $100 million in funding from Disney, Google’s venture arm GV and Redpoint Ventures, among others, CNBC reported.
Technology companies such as Facebook, Apple and Google have all launched dedicated efforts in the VR technology space. Facebook on Wednesday announced a new virtual reality experience for Oculus users, among other things.
Verizon has recently scaled back its media business, with Verizon Media Group laying off 7 percent of its workforce in January. The division, formerly known as Oath, has media, advertising and technology properties, including popular sites like Yahoo, HuffPost and TechCrunch.
Verizon in 2018 took a $4.6 billion write-down on its media business, indicating it hadn’t been performing as well as the company hoped.