Alibaba Eyes Metaverse With Investment in AR Glasses Maker Nreal
Updated · Mar 30, 2022
Nreal says the $60 million investment raised will fund its research and development. It will also help to drive its expansion goal.
Series C Round
Augmented reality glasses maker Nreal has received $60 million in a just-completed Series C investment round. The firm made the announcement on Wednesday on its official Twitter account.
We've hit another milestone - raised $60M in Series C+ fundraising!— Nreal 👓 (@Nreal) March 30, 2022
With this, we'll be increasing R&D investment, expanding into more markets, and strengthening partnerships to create even more content for our users.https://t.co/PSvrIBdSMI
Augmented reality enhances the real-world environment by adding visual, auditory, and other computer-generated sensory elements. It is one of the drivers behind the metaverse, alongside others like artificial intelligence, virtual reality, blockchain technology, and 5G.
The investment round was led by Chinese e-commerce giant Alibaba. The multinational is the leading e-commerce firm in China and is one of the largest companies in the world by revenue.
Nreal was one of the first companies to introduce ready-to-wear AR and mixed reality glasses. Unlike largely enterprise products Microsoft HoloLens and Magic Leap One, it markets its glasses as consumer products.
Over the last year alone, Nreal has attracted $200 million in three funding rounds, the company said. In September last year, it raised $100 million, increasing its valuation to $700 million.
Nreal said after its last round of funding that it would increase its investment in research and development (R&D). The company has also committed to that objective this time around as it looks to establish a key position in AR/MR glasses market.
In addition, Nreal aims to become a global player and expand into other countries. So far, the company has only sold its line of products in six countries, including Japan, South Korea, and the United States. Despite being based in China, it has not sold products in the largest market in the world. However, that is due to change soon.
Daniel is an Economics grad who fell in love with tech. His love for books and reading pushed him into picking up the pen - and keyboard. Also a data analyst, he's taking that leap into data science and machine learning. When not writing or studying, chances are that you'll catch him watching football or face-deep in an epic fantasy novel.
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