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Facebook, Inc. (NASDAQ:FB) reached an agreement to acquire CTRL-Labs, a startup that explores how humans can control a computer through their brains.
What Happened
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CTRL-Labs will integrate into Facebook Reality Labs, the unit dedicated to developing augmented reality smart glasses. The size of the deal wasn't disclosed but a Facebook spokesperson told CNBC it was less than $1 billion while a source said the deal was worth at least $500 million.
Facebook VP of augmented reality and virtual reality Andrew Bosworth wrote in a Facebook post the acquisition will help the company develop a wristband that lets people control devices through national movement. The product will decode signals from neurons in the spinal cord and translate them into a digital signal a device can understand.
Why It's Important
Facebook's newly acquired technology can "open up new creative possibilities" by combining 19th century inventions in the new digital 21st century world, Bosworth said. This could even "change the way we connect."
The acquisition is consistent with Facebook's work on brain-computing technology which dates back to its 2016 Building 8 division, CNBC said.
Facebook said in July its research into brain-computing technology is showing promising progress although any commercialization initiatives are years away, according to CNBC.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.