In January, Apple announced that it had purchased a $1 billion stake in Illuminate, an augmented reality startup with plans to build a $20 billion augmented reality network.
The announcement followed a string of moves to capitalize on augmented reality’s popularity, which has risen to the point where consumers are spending more money for smartphones than they did a decade ago.
But Illuminate’s announcement came just a month after a group of tech executives said that augmented reality was in a “very competitive environment” for its technology, and a report from The New York Times said that AR was already displacing the traditional television.
Illuminate is also looking to expand into other verticals, including health care and education.
While Illuminate CEO Joe Litti says the company is “not looking to be the next Apple,” he says that it is “the first of many” AR startups in the near future.
“We’re trying to build the next billion-dollar industry in this space,” Littis told The Wall Street Journal.
“It’s not the next big thing.”
Litties own stake in AR startup Illuminates, which will focus on developing augmented reality systems and software, and is looking to acquire a majority stake in the company, according to The Wall Streets Journal.
Littes company, which is led by former Microsoft CEO Satya Nadella, has raised $50 million from private equity firms.
The company has partnered with tech giant Google to build and test its own AR system, and has partnered up with others in the AR space like Facebook and others.
According to The WSJ, Illuminate expects to start using AR in some areas of its business as early as 2018.