Meta’s Metaverse Ambitions Continue with Acquisition of Luxexcel

Despite encountering losses in the billions, Meta isn’t giving up on its Metaverse ambition. Last year, Reality Labs’ Metaverse division lost over $9 billion in its first nine months. Such losses and the change of direction for Meta as a company have dented investor confidence. And the company’s stocks have suffered, having dropped 64% in the past year. Still, Mark Zuckerberg isn’t about to give up on his Metaverse dream. He keeps pumping money into the project.

The latest news is the acquisition of Luxexcel, a European company that deals in 3D-printed prescription lenses. The company should aid Meta’s virtual and augmented reality (VR/AR) efforts, two core technologies for the metaverse.

The deal was initially reported by De Tijd, a Belgian newspaper; however, the details of the transaction are not known. And neither of the two companies involved has disclosed the numbers.

In a statement, Ryan Moore, the head of financial communications at Meta Platforms, notes, “We’re excited that the Luxexcel team has joined Meta, deepening the existing partnership between the two companies.”

Credit: Luxexcel YouTube Channel

Luxexcel is yet to disclose the acquisition on its official website or social media accounts. The company is Dutch-based and began operations in 2009.

It considers itself a pioneer in the 3D-printing business and owns several patents for the creation of prescription lenses. This goes for traditional and smart lenses.

By acquiring Luxexcel, it’s clear that Meta aims to make AR/VR devices more affordable for users. Luxexcel estimates that a huge chunk of the population uses prescription lenses. Therefore, smart eyewear appears suitable for individuals who seek to improve their vision.

The acquisition comes at a time when Meta is facing scrutiny for its other actions. Recently, it acquired Within, a VR fitness company—a move that has been contested by the FTC. The institution seeks to stop Meta from building a virtual reality empire by snapping up every early-stage project in the space.