Pico was founded in 2015 and develops innovative VR solutions for gaming and other uses.
The company is best known for the Pico Neo 3 headset.
Bytedance aims to enter into the VR space with this current acquisition.
“Comprehensive suite of software and hardware technologies, as well as the talent and deep expertise of the team, will support both our entry to the VR space and long-term investment in this emerging field,”A ByteDance spokesperson mentioned in a statement
ByteDance has also acquired mobile games studio, Moontoon (maker of Mobile Legends Bang Bang).