Jaunt is leaving the technology behind creating virtual reality.
The company cites a robust response to its volumetric capture technology
Therefore, over the next few weeks, the company will begin shuttering its VR products and services, and
"We believe these changes will allow us to focus on driving innovation and value into products that continue to be the forefront of the immersive industry and drive the highest long-term."
"Jaunt will continue to build our strong engineering team at San Mateo and our new Chicago-based company Jaunt's domestic VR employees, as the company wants to layoff "a significant portion" of its staff as part of a related restructuring , according to statement obtained by TechCrunch . Employees at Jaunt China, a joint effort based in Shanghai, does not want to be impacted.
"Since we first opened our doors, Jaunt has created new techniques and technologies that bring awe-inspiring immersive experiences to the world we have assembled over the years, "the company said. We are eternally grateful for all their groundbreaking hard work. "
On. Oct. 1, Jaunt announced the appointment of Mitzi Reaugh as its new CEO, with former chief George Kliavkoff remaining on the board of directors and moving to serve as president of entertainment and sports at MGM International Resorts. Given the timing of the executive transition to business, it's not clear whether or not it's the first decision of Reaugh's tenure as CEO.
The move is reflective of the overall direction of its strategic investors. Disney CEO (and NR30 member) Bob Iger, whose company was among the leaders of Jaunt's $ 65 million Series C funding round in 2015, has made his preference for AR clear.
Although Jaunt's decision is not a death knell for the VR industry, it's not an encouraging development. AR's future is comparatively brighter.