Reality Labs, previously known as Facebook Reality Labs, and before that as Oculus VR, is a US-based start-up technology company, founded by Palmer Luckey and Brendan Iribe. In March 2014, Facebook acquired Oculus VR for US$2.3 billion. In August 2020, Oculus VR was renamed to Facebook Reality Labs, and in October 2021, it was renamed to Reality Labs.
The first product of the company called the Oculus Rift Development Kit was released in 2013. The further development of the product, and the second installment of the Rift, the Development Kit 2, was released in 2014. The commercial version of Oculus Rift virtual reality headset was released on March 28, 2016. The company has further developed Quest and Quest 2.