Facebook is planning to assist promising South Korean companies who have an interest in developing augmented reality (AR) and virtual reality (VR) technologies.
The social media giant and owner of Oculus recently signed and agreement with Korea Innovation Center of the Ministry of Science, ICT and Future Planning and Institute for Information & Communications Technology Promotion to begin supporting AR and VR startup firms based in South Korea. This will mark the first time that Facebook has partnered with a foreign government to support such startups.
Under the new program, Facebook and a Korean government agency will select ten firms and send some of their employees to Silicon Valley for ten weeks to learn about VR and AR technologies and business alongside the team from Oculus VR.
Alex Stamos, chief security officer of Facebook said during his visit to Seoul: “From low-latency competitive gaming to HD video streaming, the Korean market has been the place where the rest of the world can look to see our online future. Facebook gets such great insights from the people and partnerships in Korea, and why we use our experiences here to foresee how the global market will evolve in the future.”
There are currently 30 companies out of 138 eligible firms that are willing to apply for the program. Those who are chosen may even get the opportunity to work with Oculus on turning their products into a commercial venture.
“Outstanding technologies and companies may be considered by the Facebook headquarters for future M&A or supply pool,” said Park Dae-sung, head of policy at Facebook Korea. “We hope to see some very innovative products from killer content to hardware through this program.”
The program will begin in May 2017 until July, where the selected companies will demonstrate their progress as an event in late July.
VRFocus will keep you updated on the Korean Oculus program and other VR start-up projects.