Walmart’s technology incubator Store No. 8 has created its third portfolio company, with the acquisition of virtual reality (VR) platform and content studio Spatialand. The combined team will develop and explore new products and uses of VR that Walmart can use, both in-store and online.
Spatialand’s focus has been on turning existing content into VR experiences, so the acquisition may be more about turning Walmart store and site content into VR than creating an experience from scratch.
As of now, there are no specifics on what the Spatialand team will be looking to create for Walmart, and the team’s work may not be revealed for 12 to 18 months, according to a report from Recode. The Spatialand web site has even gone dark, only including the note: “We’re joining Walmart’s Store No 8. Click here to learn more.”
The new venture will operate in this stealth mode, with Spatialand CEO Kim Cooper and Store No. 8 Chief Product Officer Jeremy Welt serving as the Co-Founders. Katie Finnegan, the Principal of Store No. 8, will serve as the company’s interim CEO. Approximately 10 Spatialand employees will join Walmart in the deal. Financial terms of the deal have not been…