Lytro Raises $50M in Funding to Refocus on Virtual Reality And Videos
This happens when you fulfill your promises: progress. Lytro, who promised to revolutionize the digital photography with its magic camera, fulfilled its promise and has raised $50 million before its recent announcement of focusing on the virtual reality and videos business, according to Re/code.
Lytro ameliorated people’s experience of taking photographs. It allowed them to capture the dancing moments randomly and then focus them later. They could click on a portion of the image, and bring that part into focus, easily editing a photo’s perspective in real time.
You will be amazed to read this: Steve Jobs wanted to put this technology in the next iPhone; he did actually meet with Lytro’s founder before he passed away.
Back to Lytro’s new decision, probably to maintain the sensation of the start-up, it has quickly decided to change the taste. Not sure this is its business strategy, but Lytro is going to venture in the field of virtual reality and videos. The company has earned $50 million — an amount which is funding for the strategic shift.
“We are going to have to make some cuts in some areas so we can staff up in some new ones,” CEO Jason Rosenthal told Re/code. “Fifty million dollars is a nice big number, but it is not unlimited. We had to make some pretty tough decisions.”
The tough decision by Lytro is likely to affect its old employees. In fact, the company has already decided to fire dozens of them. It has pre-informed its men that about 25 to 50 employees may be laid off from its total workforce of 130 people. Meanwhile, the company is looking to hire new talent for its new business areas.
Coming back to the magic camera: Lytro, which used light-field technology, was launched in 2012. Light-field technology allowed users to take stunning pictures — a success which, last year, secured professorship for its founder at University of California in the school of electrical engineering and computer science department.
Whatsoever, Lytro magic camera fans shouldn’t feel bad as the company is not giving up the photography business completely. In fact, Re/code says it will launch a “third-generation, higher-resolution camera technology” later this year.