Beijing, 30/3: Alibaba Group Holding Ltd. led a $60 million investment in Chinese augmented reality glasses maker Nreal, joining rivals Tencent Holdings Ltd. and ByteDance Ltd. to stake a claim in the future of the metaverse.
The so-called Series C+ funding round brings the total Nreal raised within 12 months to $200 million, the Beijing outfit said in a statement, without disclosing its latest valuation. The startup was valued at $700 million in a previous round announced in September 2021, CNBC reported at the time, citing an unnamed source.
Alibaba’s investment follows similar moves by other Chinese internet giants eyeing the metaverse, a potential future version of the internet that blends aspects of virtual reality, social media and other digital technologies. Last year, TikTok owner ByteDance bought virtual reality gear maker Pico, and Tencent is nearing a deal to acquire gaming handset startup Black Shark, Bloomberg reported in January.
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