Facebook Agrees to Buy CTRL-labs, Focuses on AR Initiatives - VroyCLe

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Facebook FB has agreed to acquire New York-based startup CTRL-labs, as announced in a post by its vice president of AR/VR, Andrew “Boz” Bosworth.

While a CNBC report stated that the transaction is worth around $500 million to $1 billion, a company spokesperson quoted the deal size below $1 billion.

CTRL-Labs is developing a bracelet that decodes neuron activities of a user’s arm and translates it into a digital signal that computers can understand. This will enable a user to communicate and control computers. The company will be integrated into the Facebook Reality Labs team.

Reportedly, Facebook has been working on the brain-computing technology, since 2016, as part of its secretive Building 8 division. At F8 2017, the company announced its brain-computer interface (BCI) program, which aims at developing non-invasive, wearable devices that will let people type by simply imagining themselves talking.

In July, Facebook stated that it has made progress in developing such technology in collaboration with researchers from the University of California. A study related to the technology was also published in Nature Communications.

Facebook, Inc. Revenue (TTM)

Facebook, Inc. Revenue (TTM)

Source :  https://finance.yahoo.com/news/facebook-agrees-buy-ctrl-labs-081108895.html