BEIJING, August 26 (TMTPOST) — ByteDance has reportedly acquired Pico at RMB5 billion (US$771 million), marking its foray into the VR sector. The TikTok parent company has not released any information on the matter. ByteDance’s rumored acquisition of Pico is very similar to Facebook's purchasing Oculus in 2014. Pico is a leading VR hardware maker in China. According to market research firm IDC, Pico enjoyed the most market share in China’s VR market in 2020. The company completed its B+ round financing at RMB242 million (US$37 million) in March this year. The company also launched all-in-one VR set Pico Neo 3 in May, which sold over ten million sets within 24 hours. Besides its VR hardware, Pico also works on VR content.