RateCaptain
  • FX Rates
  • Commodities
  • Money Market
  • Cryptocurrency
  • Corporates
  • Contact Us
No Result
View All Result
Subscribe
  • FX Rates
  • Commodities
  • Money Market
  • Cryptocurrency
  • Corporates
  • Contact Us
No Result
View All Result
Rate Captain
No Result
View All Result
Home Business

Alibaba Makes $60M Metaverse Investment on AR Glasses Firm “Nreal”

Rate Captain by Rate Captain
March 30, 2022
in Business, Markets, News
Reading Time: 2 mins read
A A
0
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

Nreal, a maker of augmented reality (AR) glasses, raised US$60 million in a Series C+ led by Alibaba, joining rival Chinese tech heavyweights Tencent and ByteDance in a drive into the metaverse.

The Chinese AR device manufacturer has distinguished itself among Chinese AR startups, with its most recent round increasing its 12-month fundraising to US$200 million.

AlsoRead

MTN Nigeria now more valuable than all Nigerian Banks combined

Oil Marketers, Airlines reach loggerheads over local Aviation Price

CBN Issues Regulatory Guidelines for Open Banking in Nigeria to Ensure Financial Inclusion

Nreal said in a press release that it plans to use its fresh funds for content and app development, as well as domestic and global expansions.

AR and virtual reality (VR) headsets are expected to play significant roles in the metaverse, with Meta (previously Facebook) and Microsoft already commanding significant market share while the industry awaits Apple’s highly anticipated VR/AR device launch.

ByteDance, a Chinese tech behemoth, acquired a VR device maker in August 2021, while Tencent announced ambitions to do so in January 2022.

Furthermore, Nreal, created by Magic Leap veteran Chi Xu, already has a slew of noteworthy partners. Chinese electric car upstart Nio, short video app Kuaishou — TikTok’s Chinese adversary — and Baidu-backed video streaming platform iQIYI are among its strategic backers.

Qualcomm is not an investor, but it does supply the hardware company with cutting-edge Snapdragon chips and collaborates closely with it to foster a developer ecosystem.

Nreal is also supported by well-known institutional investors such as Sequoia China, Jack Ma’s Yunfeng Capital, Xiaomi creator Lei Jun’s Shunwei Capital, and private equity behemoths Hillhouse, CPE, and CICC Capital.

 

Despite being founded in China, Nreal has not focused on its home market, instead testing customer hunger in six other nations, including Japan and the United States. To promote its smart glasses, the company has depended on partnerships with local carriers. In the United States, for example, Verizon is assisting in the sale of Nreal’s Light mixed reality glasses, which cost $600 and can be plugged into a computer.

 

With the proceeds from its latest round, Nreal will finally make a foray into China this year. The funding will also be spent on R&D and growing its ecosystem of content and apps, which will be critical to user adoption.

Previous Post

Ethereum is losing its bullish pace, here is what could trigger a buy

Next Post

Nigeria’s Foreign Reserve Records a Third Consecutive Gain as Exchange Rate Depreciates across FX Markets

Related News

MTNN Share Price gains 1.21% after CBN granted the final approval of its MoMo PSB

MTN Nigeria now more valuable than all Nigerian Banks combined

by Rate Captain
May 23, 2022
0

is now worth N5 trillion making it more valuable than all banks, insurance companies, and the entire financial services companies...

MOMAN Debunks Rumor of Aviation Fuel Selling at N700 per Litre

Oil Marketers, Airlines reach loggerheads over local Aviation Price

by Rate Captain
May 20, 2022
0

  Nigerian airline operators are currently at cross-purposes with oil marketers over the rising prices of the aviation fuel, also...

CBN Issues Regulatory Guidelines for Open Banking in Nigeria to Ensure Financial Inclusion

by Rate Captain
May 19, 2022
0

The Central Bank of Nigeria has issued the regulatory framework for Open Banking in Nigeria in its efforts to enhance...

CBN say Nigeria would reap the benefits of a rising oil price

CBN say Nigeria would reap the benefits of a rising oil price

by Rate Captain
May 18, 2022
0

A rising oil price is considered to be beneficial to a major oil exporter like Nigeria. However, the Central Bank...

Next Post

Nigeria’s Foreign Reserve Records a Third Consecutive Gain as Exchange Rate Depreciates across FX Markets

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

BNP Paribas has joined JPMorgan’s blockchain-based network.

BNP Paribas has joined JPMorgan’s blockchain-based network.

May 23, 2022
CBN say Nigeria would reap the benefits of a rising oil price

Crude oil hit $111 a barrel amid weak dollar and OPEC’s stance to aid Russia

May 23, 2022

Popular Story

  • Tether, USDT market cap has dropped by US$10B since UST collapse

    Tether, USDT market cap has dropped by US$10B since UST collapse

    0 shares
    Share 0 Tweet 0
  • Experts predicts the death of Shiba Inu

    0 shares
    Share 0 Tweet 0
  • Naira Depreciates at all Markets: Naira Hits N610/$1 at B2B Market

    0 shares
    Share 0 Tweet 0
  • MTN Nigeria now more valuable than all Nigerian Banks combined

    0 shares
    Share 0 Tweet 0
  • Crude oil hit $111 a barrel amid weak dollar and OPEC’s stance to aid Russia

    0 shares
    Share 0 Tweet 0
Rate Captain

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • FX Rates
  • Commodities
  • Money Market
  • Cryptocurrency
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • FX Rates
  • Commodities
  • Money Market
  • Cryptocurrency
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.