Chinese online marketplace Alibaba has led a 60 million dollar funding round for augmented reality (AR) company, Nreal.
The latest series C+ fundraising for the China-based company has brought its total investments to 200 million dollars in 12 months.
The new funding will go towards R&D, accelerating the company’s growth to new markets and strengthening its existing partnerships with developers and partners.
Nreal was one of the first to launch consumer AR glasses, currently available in six countries, including the US where its two glasses styles are on sale at Verizon stores nationwide.
The product, which was revealed in 2019, allows for streaming videos and interactive gaming, features made possible through partnerships with technology companies.
Nreal is additionally set to reveal AR glasses specially designed for electric vehicles. The new style, created with NIO, is slated for release in 2022.
Alibaba’s investment in Nreal follows a string of strategic investments from a number of brands and institutions, including Kuaishou, Yunfeng Capital and iQIYI.
This year, the company hopes to strive for the potential mass adoption of AR glasses globally, with plans to continue establishing partnerships with brands, developers and content providers.