Google is spending more than $1 billion to acquire the world’s largest AR developer and startup, according to multiple sources familiar with the deal.
ArtsBeat, the firm that ARKit is built on, is set to be the lead investor in Google’s acquisition, the sources told Business Insider.
ArsBeat was the first to publicly announce the Google acquisition.
The investment will help the company develop AR apps, and will allow Google to scale up its product development team to build the best apps.
ArcsBeat’s founders include Marc Andreessen, a founding investor in the tech company and former Google employee.
ArmsBeat will work on Google’s own AR apps as well as those for other AR devices and software platforms.
Google will also pay the company’s CEO and co-founder $1 million per year to join Google.
Google has said it expects to pay ArcsBeat a “competitive rate” for AR apps and for developing AR devices.
The investment in ARKit, the tech behind AR, comes at a critical time for Google.
The company is facing a number of challenges with the development of AR apps.
Its own developer kit is struggling to attract developers and is struggling with hardware issues, and Google has struggled to monetize the AR platform with ads.
Google’s acquisition of ArcsBuild is likely to help the firm’s efforts to scale its AR team.
ARKit has been building a powerful AR platform for a while, and ARKit’s CEO, Andy Rubin, said at the recent Google I/O conference that Google will soon be offering “one-click AR” to developers.
But the acquisition of a big-name AR developer like ArcsBeats may help Google reach that goal faster than it could have without it.
ArcsBegangs CEO, Mark Wahlberg, has been working on a project called Google’s AR Platform, which would enable AR apps to work across a variety of devices and platforms.
ArbsBeats plans to use Google’s Android-based ARKit for AR platform.
But ArcsWorks CEO, Alex Zaharakis, said that Google plans to continue developing AR apps using the AR Platform.
Google already has a suite of AR devices, including the Google Cardboard, the Google Daydream, and the Google Cast.
AR works with many devices, from phones to smart TVs, and it can be used on more than 100 different devices, according Google.
The new AR deal will give Google access to developers and the best AR hardware, the companies said in a statement.