AR Glasses Maker Nreal Raises 100 Million Series C for International Expansion
AR seems to be big news in the tech industry, even Apple's Tim Cook called AR the next big thing. Google, Microsoft, and Facebook are all reportedly working on similar technologies.
AR glasses creator, Nreal, raised $100 million series C investment round for research and development purpose for international expansion.
The company first made headlines at CES back in 2019 for it's small form factor compared to HoloLens and Magic Leap One.
According the CBNC, Nreal is current valued at $700 million, although the source of this information can't be confirmed. Meanwhile, Nreal declined to comment regarding this valuation claims.
CEO of Nreal, Chi Xu, said that the company plans to enter the market in Mainland China, US, and several other countries in 2022. It's flagship product, Nreal Light, is currently sold in Japan, Spain, and South Korea between $600~$820 USD.
Nreal is a lightweight AR glasses that can be paired to a smartphone, where user can utilize the mixed reality apps, superimposing digital text and images over the physical world. Nreal also incorporate birdbath optics, which is much cheaper to produce.
Nreal investors include Chinese e-vehicle maker, Nio and also Sequoia Capital. Xu believe having Nio as a strategic investor will allow the two companies the potential to work together, as AR and electric vehicles can have very interesting synergies to explore possibilities.
The latest investment round also include YF Capital, Angel Plus China, GP Capital, and GL Ventures. This put the company's lifetime funding to $171 million to date.
The new Nreal glasses will be completely redesigned to be lighter, cheaper, and more comfortable than the current Light model. The company feels a low price point will enable mass adoption in China and other markets.