Augmented reality glasses maker Nreal has raised a $60 million funding round led by Alibaba to invest in research and development and accelerate expansion into new markets. The funding comes amid the efforts of several technology giants and investors looking to get in on the metaverse opportunities.
Nreal develops and sells two AR glass products, the Light and the Air, enabling users to access several augmented reality applications, including games and entertainment. Currently, the company offers its products in select markets, such as South Korea, Japan, Spain, and the US. It plans to invest capital towards accelerating global expansion into new markets, including China.
The Beijing-headquartered startup has recently attracted many high-profile investors. In September last year, the company had closed a $100 million funding round backed by Nio Capital, the investment arm of electric carmaker Nio, and Sequoia Capital China. This round valued the company at $700 million. However, the valuation post the recent round with Alibaba has not been disclosed yet.
Nreal CEO Chi Xu had previously said that the company plans to go public ‘in less than five years.’
Alibaba’s investment could also lead to possible strategic collaboration between the two companies, similar to such initiatives by the startup with its other investors. For instance, Nreal and Nio had partnered to develop AR glasses tailored for electric vehicles. Nevertheless, Alibaba has already announced its plans to soon unveil augmented reality glasses that will power the future of virtual meetings.
Nreal further stated that the fresh capital would enable it to strengthen existing partnerships with developers and partners. It would allow the startup to “deliver a wider range of content and experiences” to its users.
Follow us on LinkedIn
Read other Articles
