SAN MATEO, Calif.--(BUSINESS WIRE)--Meta Company, a pioneer in augmented reality (AR), announced today that it will be restructuring the company into a multi-location global enterprise that will ensure the company develops AR technology in the most cost and resource-effective manner possible while maintaining a competitive edge.
“The economics and dynamics of designing and building augmented reality have changed dramatically over the last few years. This demands we re-align our company to pursue the best way to develop next-generation technology in a fashion that doesn’t cost billions of dollars,” said Meron Gribetz, Meta founder and president. “Despite the near-term pause, we are committed to our vision and to a thoughtful approach will result in better solutions and great results.”
To most effectively meet this demand, Meta will furlough three-quarters of management and non-management employees in its Silicon Valley HQ from September 3 until September 30. Customer deliveries and customer service will not be affected.
During this period, the company will restructure into a multi-location business designed to take advantage of the best strategic and tactical advantages of the global market. The Silicon Valley headquarters will focus on business operations and an innovation lab that will leverage the best US-based AR design and engineering talent. A co-headquarters with innovation lab will be opened in China; Meta China will take advantage of the China’s strong interest in AR investment and burgeoning AR development and manufacturing resources. A third innovation lab, under development in Israel, will be accelerated after the close of the next round of funding.
Born in NYC, raised in Silicon Valley, and now with a global footprint, Meta has been defining the field of AR since the company’s inception in 2012. After a successful Kickstarter campaign, Meta was selected by Y Combinator (YC13) for seed funding. Meta entered the marketplace with the first see-through glasses that allowed wearers to move and manipulate 3D content intuitively, using natural hand interactions. With the launch of the groundbreaking Meta 2 Development Kit in 2016, Meta is once again redefining the market and delivering a new generation of Natural Machines™ that will become a healthy, vital extension of who we are. Learn more at www.metavision.com.