is raising its bet on the metaverse with a new investment in Nreal, a Chinese augmented reality glasses maker.
Alibaba (ticker: (BA)(BA)) led a $60 million Series-C funding round into Nreal, bringing the total the startup has raised within the last year to $200 million, according to reports from Bloomberg and other media, which cited the company.
CNBC reported last September that Nreal had been valued at $700 million following a $100 million funding round that also included
(0700.H.K.), also have made moves to capitalize on metaverse opportunities.
Alibaba, primarily an e-commerce and cloud computing giant, already has detailed how its cloud platforms can facilitate metaverse developments. The group also registered a new corporate unit last year focusing on the gaming potential of the metaverse, according to a report from Hong Kong’s South China Morning Post, which is owned by Alibaba.
Nreal, founded in 2017, claims to be the only company that has launched consumer augmented reality (AR) glasses on a global scale. Its backers also include U.S. venture capital powerhouse Sequoia Capital. The company touts its glasses as being able to project a “portable IMAX” theater-sized screen in front of users.
Alibaba stock was trading up 1.9% on Wednesday, outpacing the
0.3% decline, the
DOW JONES GLO(BA)L/DJIA”> Dow Jones Industrial Average’s
0.2% dip, and the
0.2% dip. The shares have declined more than 3% so far this year.