Nreal, an augmented reality (AR) technology company, announced on Wednesday that it has completed a round C+ of financing totaling $60 million, led by Alibaba Group. The fresh funds will reportedly be used to increase R&D expenditure, broaden diversified application scenarios and accelerate market expansion.
Nreal was founded in January 2017 and has achieved seven iterations of products in two years, from 500g helmets to 100g glasses.
In the past 12 months, Nreal has completed financing of $200 million, and its investors include Kuaishou, NIO Capital, YF Capital and Sequoia China. Many products of Nreal have already been delivered to Japan, South Korea, the United States and many European countries. The company also plans to expand operations within the Chinese market this year.
Nreal founder Chi Xu said in an interview with YF Capital that the difference between its strategy in the Chinese market and overseas market is channels. Overseas operators have strong sales channels, so Nreal will keep closer cooperation with operators overseas. However, in China, Nreal needs online and offline channels besides operators.
Nreal has developed rapidly in recent months. In November 2021, Nreal and video platform Migu cooperated to promote the combination of 5G and AR. In December, 2021, Nreal and electric vehicle maker NIO released AR glasses for in-vehicle entertainment. In February 2022, the company announced the release of Nreal Air at KDDI Corporation and NTT DoCoMo Co., Ltd., which are Japan’s leading telecommunications carriers.
In March, technology giant Microsoft and Nreal partnered to develop PeopleLens, which seeks to improve social interaction among blind children. The pair are creating research technology that assists low-vision children with locating and identifying others.