Nokia Technologies, the business unit which includes the company's extensive patent portfolio and which pursues a number of ventures, announced a strategic shift. The division will focus on digital health, while repositioning its investments in virtual reality (VR). Nokia Technologies will also focus on growing brand and technology licensing while leaving its successful patent licensing business untouched.
Nokia Technologies cited "slower-than-expected development of the VR market. The company will halt development of further versions of the OZO VR camera and hardware, while maintaining commitments to existing customers. Job losses are expected to be around 310 of the roughly 1090 employees in Nokia Technologies. Cuts will occur mainly in Finland, the US and the UK.
The company said this strategic realignment will leverage its digital health portfolio acquired through the purchase of Withings in 2016.
The OZO, which was conceived at Nokia's R&D facilities in Tampere, Finland and introduced in 2015, captures stereoscopic 3D video through eight (8) synchronized global shutter sensors and spatial audio through eight (8) integrated microphones. Software built for OZO enables real-time 3D viewing.
