Evan Spiegel, head of Snapchat operator Snap, introduces a new generation of Spectacles.
Andrei Sokolov | Picture Alliance | Getty Images
snap On Wednesday, the company announced that the division working on the development of augmented reality glasses is now under a wholly owned subsidiary called Spex Corporation.
The company said the subsidiary will provide “greater operational focus and coordination” as Snap prepares to launch Specs AR glasses this year. The company said in a blog post that the subsidiary will help the company attract new partners and provide “capital flexibility,” including “possibility for minority investments.”
Snap did not say how many employees will work at the subsidiary, but the company said Specs is currently hiring for nearly 100 positions.
The company told analysts in November that it planned to establish such a subsidiary.
Snap said in June that it plans to release its sixth-generation glasses in 2026, but the company has not said exactly when they will be released or how much they will cost. Snap said the next generation of glasses will be smaller, lighter and more targeted to consumers than older models.
Subsidiaries come like any other company Meta and alphabet Also invest in glasses with artificial intelligence features.
Meta products and eyewear giant EssilorLuxottica launched an updated version of its glasses in September that features a smaller display and costs $799. Google also said it plans to launch glasses in partnership with Warby Parker later this year.
Last week, Meta laid off more than 1,000 virtual reality technology employees in its Reality Labs division as it shifts its focus to AI and wearables. CNBC reports that the layoffs have raised concerns about a VR winter among developers.
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