Walmart Inc.’s innovation hub, Store No 8, has acquired Spatialand, a VR platform and content studio, that will be the foundation of the group’s latest venture. Spatialand makes software tools that let creators transform existing content into immersive, virtual reality experiences. The startup worked with Walmart’s technology incubator, Store No. 8, on a project last year, and has now been acquired by that group.
The startup’s founder, Kim Cooper, and about 10 employees will join Walmart in the deal. Katie Finnegan, who has been overseeing the Store No. 8 incubator, will serve as interim CEO of the new virtual reality company. Kim Cooper and Jeremy Welt, two “VR experts with deep roots in the entertainment industry,” will lead the new venture, according to a post on the Store No 8 blog written by its principal, Katie Finnegan.
Cooper has worked on films including “Prometheus” and “Iron Man”; Welt helped launched YouTube’s first commercial deal with Walt Disney Co. Finnegan will serve as interim CEO for the group. “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,” Finnegan wrote.
Considering that Amazon unveiled at their last AWS conference that they were working on this, Virtual Commerce seems to be coming sooner than some may have expected!