China-based augmented reality technology startup Beijing NED+AR Display Technology has secured an undisclosed amount in a pre-series A round led by a subsidiary of electronics producer Lenovo, China Money Network reported today.
Although the size of the Lenovo Capital and Incubator Group-led round has not been revealed, China Money Network reported it as an eight-figure renminbi sum (RMB10m = $1.5m).
NED+AR Display produces optical modules that are used in augmented reality glasses, including those being developed by Lenovo.
The technology helps overcome restrictions that have so far meant AR glasses with a wide field of vision and high resolution are often not sufficiently cheap or light enough for commercial use.
The company unveiled a new model earlier this year with a 40-degree field of vision, and which it claims is 50% lighter than other modules. It plans to put RMB100m towards building affordable AR products that can demonstrate its technology.
He Zhiqiang, senior vice-president of Lenovo Capital and Incubator Group, said: “The smart internet era has arrived. Augmented reality and virtual reality will be the next generation of computer platforms.”