Snap is turning its smart glasses team into its own company

A consumer version of Specs (unlike the developer preview pictured here) are still expected to get a public launch sometime this year.

Snap is launching a separate business for its upcoming Specs augmented reality glasses in a bid to lure new investors to the project. The new company, aptly named "Specs," will operate under Snap as a distinct subsidiary ahead of the long-awaited public launch of Specs glasses later this year.

"Establishing Specs Inc. as a wholly-owned subsidiary provides greater operational focus and alignment...