Walmart's tech incubator buys VR startup Spatialand

Walmart Inc’s technology incubator, Store No 8, said it bought virtual reality startup Spatialand to build VR products for the retailer’s stores and websites.

Spatialand, which worked with Store No 8 on a VR project last year, is a software platform that helps create virtual reality experiences.

Store No 8 principal Katie Finnegan will serve interim chief executive of the new VR company, Walmart's tech incubator said in a blog post on Monday.

Spatialand’s Kim Cooper and Store No 8 consultant Jeremy Welt will assume senior roles in the new firm, it said.

The financial terms of the deal were not disclosed.

The news comes as retailers seek technology advancements to improve in-store and online customer experience.

In January, e-commerce giant Amazon.com Inc launched its checkout-free grocery store Amazon Go, which relies on cameras and sensors to track what shoppers remove from the shelves, and what they put back.