Lytro first appeared on the scene in 2011 with its unique light field cameras that allow for refocusing of an image after it has been captured. However, after the concept failed to catch on in the consumer space, the company decided to abandon this market and focus on Light Field video solutions for professional users.

More recently the inevitable happened and Lytro discontinued the pictures.lytro.com platform, which had allowed Lytro users to share their refocusable 'living' light-field images with others online and through Facebook.

Now TechCrunch reports tech giant Google is about to acquire the company. According to unnamed sources, Google will pay approximately $40 million for Lytro's technology and patents. According to the same sources, some Lytro employees have already left the company.

Lytro's technology could be very useful for Google's ventures into the rapidly growing area of virtual reality where it is competing with Facebook's Oculus and a number of other players. A recent example of Google's VR activities is the "Welcome to Light Fields" app on the digital distribution platform Steam. According to the app description, users can "experience real-world reflections, depth, and translucence like never before in VR."