China-based augmented reality (AR) glasses developer Nreal has received $100m in funding from investors including Nio Capital, a venture capital firm formed by electric vehicle manufacturer Nio at a $700m valuation, CNBC reported on Wednesday.
Locally based venture capital firm Sequoia Capital China also contributed to the round alongside undisclosed investors.
Founded in 2017, Nreal has developed a pair of augmented reality glasses that can connect to and control smartphones. Its devices are supported by a 3D user interface system called Nebula and can run a variety of AR-enabled apps.
Nreal will use the funding to develop new products and embark on an international expansion. Nreal CEO Chi Xu told CNBC the company is looking to launch its products in China next year, before expanding to the United States and potentially other countries.
China International Capital Corporation’s private equity arm, CICC Capital, supplied an undisclosed amount of series B2 funding for the company in March this year, according to China Money Network.
Nreal had previously collected $40m in a September 2020 series B1 round also backed by livestreaming platform developer Kuaishou.
CCEIF Fund, a joint venture between telecom equipment provider China Electronics Corporation and China International Capital Corporation, also took part in the 2020 round, as did Sequoia Capital China, GP Capital and Hillhouse Capital.
Video streaming platform developer iQiyi contributed to a $16m round for the company in February 2019 that included China Everbright Group’s New Economy Fund, Shunwei Capital and China Growth Capital.
Nreal had raised $15m of overall funding as of a series A round of undisclosed size in January 2019 featuring industrial robot manufacturer Siasun, iQiyi and China Growth Capital as well as existing investors Shunwei Capital and APlus.