>> What do Spectacles say about Snaps future? I'm Heather Somerville, Technology Correspondent with Reuters in San Francisco. Snap, the company that brought us the disappearing messaging app Snapchat is working really hard to make itself into something much more. Snap has been recruiting really aggressively, trying to get the top hardware engineers in the business.
It's hiring from Apple, Google, Motorola, Nest. And it's put together this team it's calling Snap Labs inside of Snap and they work on top secret projects. This is also the team that worked on Spectacles. Snap has filed a bunch of patents for facial recognition, object recognition technology which indicates it's really putting a lot of resources into improving augmented reality technology.
Snap already has some augmented reality features within the Snapchat app, it's called lenses, but it's really trying to build up this business. Augmented reality is one of those buzz words in Silicon Valley, and a lot of investors, and tech experts, are really interested in it. The challenge is that nobody is really sure how to make money from it.
Snap, as a private company, has been notoriously secretive. And interestingly, as it gears up for its IPO, which is coming in less than two weeks very likely, and it's really demanding that its IPO buyers give Evan Spiegel, the CEO, the same leeway that private investors gave him. It wants to be able to experiment in secret, try out new products, and continue to spend a bunch of money without really being under too much scrutiny.