Lynx, the France-based XR hardware startup, has been acquired by global eyewear conglomerate EssilorLuxottica.
In a public email to backers, Lynx founder and CEO Stan Larroque confirmed the acquisition, which was rumored to have taken place two weeks ago.
This includes “[a]ll the IP, assets and most of the team is now transitioning from a startup to this big company,” Larroque says in the email, adding that “it might take a few months for the operations to be smooth again, pending all legal approvals.”
Larroque isn’t making the move to EssilorLuxottica alongside other staff however, concluding his eight years building the startup, as he reveals he’s moving to Paris-based drone company Parrot to take on “a key leadership role” alongside Parrot founder and CEO Henri Seydoux.
Larroque further confirmed with Road to VR that the deal is “a formal acquisition, meaning they get everything, the name, the domain, the databases, code, 3D files, manufacturing know-how, etc. And most of the team is already employed now at EssilorLuxottica.”
There’s no word on what will actually happen to Lynx-R2 though, the company’s still-unreleased mixed reality standalone announced earlier this year. Given EssilorLuxottica’s close partnership with Meta vis-à-vis Ray-Ban and Oakley Meta smart glasses, the company’s Quest competitor may have little future under its new owner.
While financial details of the acquisition are still under wraps, it seemingly couldn’t have come at a better time. In March, Lynx parent company SL Process entered judicial liquidation proceedings following a ruling by the Economic Activities Court of Nanterre, France, which essentially meant restructuring efforts had failed and survival was no longer viable, as assets and IP are typically sold off to cover debts.
Founded in 2019 after raising an initial $2 million seed round, the Paris-based startup made a splash with a 2021 Kickstarter campaign for its first-gen R1 standalone headset, raising more than $800,000 from backers. In 2022, Lynx garnered a $4 million Series A round led by social VR platform developer Somnium Space.
Still, for a hardware company, a little over $6 million is nothing more than a shoestring budget, something Larroque often lamented about online, calling the fundraising environment in Europe “excruciating.”
This article was originally published on roadtovr