Lytro Pivots Towards VR
Lytro, which a couple of years ago came out with a revolutionary camera product, is switching its focus instead to virtual reality and video, Re/code reported Wednesday.
According to the report, Lytro is laying off 25 to 50 of its 130 employees- but has also raised $50 million in new funding, from the likes of GSV Capital as well as existing investors Allen & Co. and Danhua Capital.
The company, CEO Jason Rosenthal told the site, is "taking its signature light-field technology into new areas, including video and virtual reality."
Lytro debuted its camera in 2012, drawing rave reviews from tech critics. Rosenthal came aboard in 2013, and later that year Lytro raised an additional $40 million in order to expand its tech to more gadgets. A second camera arrived last spring.