Facebook founder Mark Zuckerberg made the announcement on his own Facebook page yesterday, stating that his company will help Oculus VR develop its products and find new applications for the virtual reality technology.
"This is really a new communication platform," said Zuckerberg. "By feeling truly present, you can share unbounded spaces and experiences with the people in your life."
First launched on crowd-funding website Kickstarter in 2012, Oculus Rift creates an immersive computer-generated environment in front of the wearer.
The technology is already set to change the way video games are played and Facebook plans to see this realised. "Immersive gaming will be the first, and Oculus already has big plans here that won't be changing and we hope to accelerate," said Zuckerberg.
Earlier this year Dezeen filmed a movie with Andy Millns of 3D production company Inition, which has been working with Oculus VR to develop the headset.
"Oculus Rift has been sort of the poster child for virtual reality," Millns said. "What you've got essentially is a seven-inch mobile phone-type screen and two lenses. It's that simple."
Oculus Rift was demonstrated at an installation in London department store Selfridges, in which users could experience a virtual world designed by Inition with fashion designer Gareth Pugh.