TikTok owner ByteDance buys a top virtual reality hardware startup

TikTok parent company ByteDance seem to be looking to one-up Facebook anywhere it can. After taking over the mantle of most-downloaded social media app in the world with TikTok, ByteDance is coming for Facebook’s moonshot, buying up its own virtual reality headset maker called Pico.

The deal first reported on by Bloomberg last week was confirmed by the company on Monday, though ByteDance didn’t disclose a price tag for the deal. Pico had raised some $62 million in venture funding from Chinese firms including a $37 million Series B in March. Like Oculus, they create both hardware and software for their VR devices. Unlike Oculus, they have a substantial presence

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