In 2011, 18-year-old Palmer Luckey built a headset in his parents’ Long Beach, Calif., garage that made virtual reality possible with a relatively small and inexpensive device. In 2014, Facebook bought his company, Oculus VR, for $2 billion.
Facebook Chief Technology Officer Michael Schroepfer said virtual reality is now “the project I personally spend the most time on.”
The Oculus deal ignited a flurry of activity and investment in virtual reality and augmented reality, which displays digital objects in users’ view of the real world. There were 91 investments totaling $1.1 billion in those fields in the roughly 18 months after Facebook bought Oculus, compared with 50 investments of $316 million in the previous period, according to venture-data firm CB Insights.
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