Snap is turning its smart glasses team into its own company
Snap is launching a separate business for its upcoming Specs augmented reality glasses in a bid to lure new investors to the project. The new company, aptly named "Specs," will operate under Snap as a distinct subsidiary ahead of the long-awaited public launch of Specs glasses later this year.
"Establishing Specs Inc. as a wholly-owned subsidiary provides greater operational focus and alignment, enables new partnerships and capital flexibility including the potential for minority investment, allows us to grow a distinct brand, and supports clearer valuation of the business," reads Snap's announcement.
The announcement reaffirms existing pl …