Today, Snap Inc. announced the creation of Specs Inc., a new wholly-owned subsidiary focused on developing and launching its smartglasses product, Specs. The move is intended to give Specs Inc. more operational focus and flexibility as it prepares for a public launch later this year.
According to Snap Inc., “Establishing Specs Inc. as a wholly-owned subsidiary provides greater operational focus and alignment, enables new partnerships and capital flexibility including the potential for minority investment, allows us to grow a distinct brand, and supports clearer valuation of the business as we work towards the public launch of Specs later this year.”
The company has spent over ten years working on Specs, which are smartglasses designed to integrate digital experiences with the real world using see-through lenses that display digital objects in three dimensions. Developers have already started building applications for Specs that support activities such as learning, gaming, and collaboration.
Snap Inc. stated, “Computers and smartphones feel like they are designed to capture our attention, block out the real world, and isolate us from our in-person relationships. Specs do the opposite, keeping you present in the moment, and bringing you together with friends, family, and coworkers through shared experiences like running around in the backyard playing capture the flag, learning about chemistry by simulating reactions, or reviewing virtual designs of a new product together as a team.”
Specs will feature an Intelligence System that leverages artificial intelligence to assist users while prioritizing privacy. The company explained: “Specs are launching at an important time, as artificial intelligence transforms the way that we use our computers. Instead of an operating system that expects us to do all of the work, Specs feature a first-of-its-kind Intelligence System that uses its understanding of you and your world to help get things done on your behalf while protecting and respecting your privacy. We’re building a computer that we hope you’ll use less, because it does more for you.”
Snap Inc. also expressed optimism about reducing waste through digital goods enabled by Specs technology: “Over the long term, we’re also optimistic about the potential for Specs to reduce waste and make everyday tools more widely available as some physical objects are replaced by digital goods. Everything from whiteboards and instruction manuals to televisions and toys can be created with Specs and shared with friends, without extracting additional resources.”
