Israel-based augmented reality technology developer Infinity Augmented Reality (AR) is in the process of raising an $18m funding round led by e-commerce company Alibaba, taking the company private, according to Globes.
Alibaba is providing $15m, while entertainment and IT company Sun Corporation is supplying the remaining $3m. The deal values Infinity AR at $60m and makes Alibaba the largest single shareholder with a reported 25% stake.
Infinity AR is working on a software development kit for headsets that place virtual objects on top of the physical world. The technology has applications in areas such as gaming, retail or training.
The company had previously gone public through a merger with a Nasdaq-listed penny stock holding firm in Nevada, floating under the ticker ALSO, but in November 2015 ended its registration on the stock market.
Infinity AR raised $5m in an April 2015 round led by Sun Corporation that also featured Singulariteam and Platinum Partners. Credit Strategies and Genesis Angels Fund had invested $2.5m in 2014.