Snap Inc. (SNAP) said Wednesday it is establishing “Specs Inc.” as a separate unit within the company as it strives to make a name in the smart eyewear sector apart from being famously known for the social media app Snapchat.
Establishing the subsidiary within would provide the unit “greater operational focus and alignment” and make way for new partnerships and capital flexibility, “including the potential for minority investment.”
“For over a decade we’ve been working to make computing more human by building a new type of eyewear called Specs that integrate your digital experience with the real world,” Snap said in a public statement. “We’re building a computer that we hope you’ll use less, because it does more for you.
Snap said it wants Specs to eventually replace computers and expects a public launch later this year. The upcoming sixth-generation augmented reality glasses by the company were announced in June last year.
SNAP shares are currently up 4% at $7.76 in early open market trading on the NYSE.