Verizon has purchased Disney-backed XR company Jaunt in a move that will give Verizon access to Jaunt’s cutting edge AR/VR software, technology and other assets it’s been developing since the company was founded back in 2013.
In an official press release, Jaunt CEO Mitzi Reaugh said, “We are thrilled with Verizon’s acquisition of Jaunt’s technology.” He added, “The Jaunt team has built leading-edge software, and we are excited for its next chapter with Verizon.”
The deal won’t mean Jaunt will be taking the cash and then walking away. Instead, the company will be assisting Verizon with the transition of select portions of the companies software and technology for a brief period.
One of Jaunt’s strengths is its ability to create and distribute scalable volumetric videos of humans. This could be incredibly valuable for Verizon, and its 5G network since the company looks for newer ways to not only connect users of its network but also win over new subscribers.
A recent blog post on the Jaunt XR website announced the company’s work on something they are calling XR Cast. The new tech lets users leverage 5G to stream AR content to friends and family, and even share a 3D video on social media. During a Philadelphia Eagles football game last year, attendees were able to demo XR Cast by being able to broadcast an AR image of themselves onto a miniature football field and even create an AR dance party with other people, all in real-time.
Last year, it was announced that Verizon would be partnering with STRIVR to train employees across the U.S. on how to prepare for different robbery scenarios, through VR. There’s no word on how Verizon’s acquirement of Jaunt will affect the future of Verizon and STRIVR’s training partnership. However, it will surely have some impact.
This acquisition comes on the heels of some tough times for Verizon. The company laid off 7% of the Verizon Media Group back in January, and in 2018, had to take a $4.6 billion write-down on their media business due to poor performance.
Obtaining Jaunts XR technology could give Verizon a much-needed boost of good news.
Jaunt was founded in 2013 and established themselves as a leader in AR/VR tech. They created tools and apps that gave brands and consumers the ability to create their own VR content. They also raised $100 million in funding through Disney, Google’s GV, and Redpoint Ventures. Jaunt even made the CNBC Disruptors List in 2017.
For more information, see the offical Jaunt press release here.