Chinese tech giant Alibaba Group took led a $60 million investment round in Chinese augmented reality (AR) glasses maker Nreal, reports Bloomberg. The so-called Series C+ funding round brings the total Nreal raised within 12 months to $200 million, the Beijing firm said, without disclosing its latest valuation. The startup was valued at $700 million in a previous round announced in September 2021.
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.