Meta has reportedly invested $3.5 billion in EssilorLuxottica, the eyewear company that owns Ray-Ban and Oakley. The two companies have been in partnership since 2020, collaborating on glasses featuring artificial intelligence technology.

Meta Plaforms Inc. bought a minority stake in the world’s largest eye-wear maker EssilorLuxottica SA, a deal that increases the US tech giant’s financial commitment to the fast-growing smart glasses industry,

Meta Platforms reportedly has taken a stake in EssilorLuxottica, the world’s biggest eyewear maker, as the U.S. tech giant further commits to metaverse and AI-powered smartglasses. Reuters and Bloomberg News separately reported the 3% stake that Meta has taken in the maker of Ray-Ban glasses, worth about $3.5 billion.