Alibaba invests $60 million in Nreal, an AR glasses developer

Alibaba has sponsored a $60 million financing round in Nreal, a developer of augmented-reality glasses. Indicating that the Chinese tech behemoth is getting more involved in the metaverse. “We aim to support entrepreneurship and encourage technology innovation,” an Alibaba representative told Insider in response to a question when inquired regarding it. Beijing-based After concluding the series C+ round on Wednesday. Nreal said that the company had raised a total of $200 million. It didn’t say who else was engaging in the most recent round of funding.

AR technology, such as the Light and Air glasses developed by Nreal, is critical for allowing people to engage themselves in the metaverse’s virtual worlds. Alibaba has already begun to establish itself in the metaverse by registering a number of trademarks, including Ali Metaverse. According to Nikkei Asia, it has also spent at least $1 billion on AR and virtual reality start-ups in recent years. The amount of money invested in metaverse-related businesses is soaring. According to Crunchbase research, about $1.9 billion in venture capital funding poured into AR and VR start-ups in the final quarter of 2021 alone.

Nreal is not the only one to jump in

Alibaba was not the only Chinese tech behemoth to enter the market. Tencent tightened its metaverse concentration in October with the launch of TiMi Studios, a new game studio. As per Statista’s study, the metaverse industry will expand by far more than 20% this year. Before ballooning by more than 1,300% by 2030. Furthermore, according to the research firm, it will be worth $47.48 billion in 2022 and $678.8 billion in 8 years.

Nreal, which was launched in 2017, has forged alliances with electronic vehicle manufacturers and video-streaming providers. It plans to use the $60 million infusions for research and development as well as to speed up its expansion into other markets, according to the company.

News is a business owned by the AAF Club, first-ever MC Club in the Metaverse. Check out our Discord for more information.

Leave a Comment