Meta Goes Aggressive On VR Despite Regulatory Hindrances; Scoops Another VR Startup For Undisclosed Terms

Facebook parent Meta Platforms Inc META scooped Lofelt, a Berlin startup, the Wall Street Journal reports. The financial terms of the transaction remained undisclosed.
Lofelt specializes in haptic technology, which can replicate touch experience in a virtual setting through forces or vibrations in a hardware device, like a smartphone or videogame console controller.
Also Read: Meta Loses Key Metaverse Official Shortly After Criticism Over Chief Mark Zuckerberg's Avatar
Lofelt's essential product was Lofelt Studio, a suite of tools that made it easy for developers to design how they wanted haptics in mobile apps and PlayStation 5 games to feel. Lofelt disclosed sunsetting its products, including Lofelt Studio, in July.
Meta completed the acquisition weeks ago as it battled the Federal Trade Commission over its push into virtual-reality technology.
FTC strived to stop Meta's purchase of Within Unlimited, a VR studio, leveling antitrust allegations against Meta by describing it as a key VR player.
Earlier, Lofelt raised €10 million (about $10 million) in funding and had a team of about 25 employees.
Previously, Mark Zuckerberg acknowledged, "I just think that so much of our experience is our body and not just our mind." "I think that there will be opportunities to wear things to augment the experience further."
The TFI International Securities analyst Ming-Chi Kuo said Meta's metaverse hardware/headset business has slowed.
The firm slashed Meta's shipment forecast for the category by 25-35% to 7 million-8 million for 2022.
Meta held $40.5 billion in cash and equivalents as of June 30.
Price Action: META shares traded higher by 0.21% at $160.67 premarket on the last check Tuesday.
Photo via Wikimedia Commons

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