Facebook (FB) - Get Report said late Monday it's planning to acquire CTRL-labs, a startup that makes a wristband to decode neuron signals to allow control of computing devices.

Andrew Bosworth, Facebook vice president of augmented reality and virtual reality disclosed the plans in a blog post. Terms were not revealed. CTRL-labs has received $67 million in funding in three rounds since 2017, according to Crunchbase. Reports put the acquisition cost between $500 million and $1 billion.

In the post, Bosworth described how the technology works this way: "You have neurons in your spinal cord that send electrical signals to your hand muscles telling them to move in specific ways such as to click a mouse or press a button. The wristband will decode those signals and translate them into a digital signal your device can understand."

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