Walmart’s Innovation Hub acquires virtual reality startup Spatialand
Walmart Inc’s technology incubator, Store No 8, has acquired a virtual reality startup Spatialand as part of its tech makeover to build virtual reality (VR) products for the retailer’s stores and websites. The financial terms of the deal were not disclosed. The company made the announcement in a blog post. Store No 8 now creates third portfolio company following its acquisition of VR platform and content studio, Spatialand. Founded in 2016 by Kimberly Cooper, Spatialand is a collaborative content authoring, workflow and engagement platform designed to amplify and accelerate the creation of VR destinations for your enterprise and brand. Kimberly Cooper and Walmart’s Store No 8 consultant Jeremy Welt, will assume senior roles in the new firm, the company said.
“‘VR’ is an industry buzzword right now. And the majority of the technology that has been created in this space has been focused on the development of hardware and content for spaces such as gaming and entertainment, ignoring the range of possibilities available in retail. At our core, we are merchandisers and storytellers which drives us to believe that virtual reality has the potential to reinvent the consumer experience—with an experience we call contextual commerce,” the company said in a statement.
“Today, we are thrilled to announce our acquisition of Spatialand, which will create the foundation of Store No 8’s third portfolio company. The new venture will operate in stealth with Kim and Jeremy at the helm as co-founders. I’m proud to join this team as well, as interim CEO, in addition to my role as Principal of Store No 8. The team will develop and explore new products and uses of VR through immersive retail environments that can be incorporated by all facets of Walmart, online and offline,” The company said in a statement in a blog post.
As a two-time Emmy nominee and leading creative executive in design and entertainment, Spatialand founder, Kim, has pioneered groundbreaking VR / AR / MR techniques in storytelling and technology. Under her leadership, Spatialand’s VR platform has made impact, creating immersive content destinations as seen in projects with Oculus, Intel, Reebok and Linkin Park. Kim also has deep expertise leading innovative work on films like Iron Man, Rogue One: A Star Wars Story, and Prometheus, as well as video game franchises like Destiny and Metal Gear Solid.