On March 30, Chinese e-commerce monster Alibaba Group Holding Limited drove $60 million in its Series C+ financing round for Nio Inc. backed augmented reality (AR) glasses creator Nreal, which joins rival Chinese tech goliaths Tencent and ByteDance in a race into the metaverse.

According to the report, Beijing-based Nreal said it will utilize the Series C+ subsidizing to build R&D spending and speed up its venture into new business sectors this year - including its home market of China, and reinforce Nreal's current partnerships with developers and accomplices to convey a more extensive scope of content and encounters to clients.

The start-up firm right now sells its line of AR glasses - Nreal Light and NrealAir - in a couple of business sectors like Japan, South Korea, Spain, and the U.S.

The Chinese AR gadget maker has stood apart among Chinese AR new companies, with its most recent round raising its year subsidizing to US$200 million.

Nreal said in an official statement that it intends to involve its new assets for content and application improvement, as well as homegrown and worldwide developments.

Alibaba's DingTalk workplace app application reported plans in January to launch AR glasses that can be utilized to lead gatherings in the metaverse.

AR and virtual reality (VR) headsets are scheduled to assume significant parts in the metaverse, with Meta (previously Facebook) and Microsoft previously controlling enormous lumps of the piece of the pie, as the business trusts that Apple will make its exceptionally expected VR/AR gadget declaration.

Alibaba's interest in Nreal comes amid an administrative crackdown on tech organizations in China. It was accounted for in December last year that Alibaba has enrolled another organization named Yuanjing Shengsheng in Beijing to test the gaming capability of the metaverse.

Chinese tech goliath ByteDance procured a VR gadget creator in August 2021, while Tencent uncovered its arrangements to do as such in January 2022.

Joyashree Dey

CBW - External Analyst

INDIA