In what seems like, well, a snap, Snapchat’s got a new name and a new strategy.
As Forbes reported, the company famed for its disappearing photo technology has rebranded itself as Snap Inc. and has been in the midst of making its first push into the hardware space, with what has been billed as video-capture sunglasses, which retail for just under $130. The new initiatives were debuted by CEO and Cofounder Evan Spiegel.
Dubbed “Spectacles,” the gadgetry has been in testing for more than a year and may just be coming to market in limited quantities this fall, according to Forbes, with the ability to record video on the glasses by a record button embedded in the frames. The videos can last up to 10 seconds each. Then, those videos can be uploaded to various smartphones and other devices. Forbes noted that Snap will look to offer those spectacles in one size but in three color schemes, including black, teal and coral.
The site reported that Snap grabbed a $1.8 billion financing round in May, with a valuation implied at that level of about $18 billion.