Video streaming platform iQiyi has taken part in a $16m funding round for China-based smart eyeware developer Nreal, VentureBeat reported on Friday.
State-owned investment holding company China Everbright Group also took part in the round through its New Economy Fund, as did venture capital firms Shunwei Capital and China Growth Capital.
Nreal is developing customisable smart glasses that weigh the same as ordinary eyeware and have sensors, cameras and video monitors built into the lenses and frames.
The augmented reality glasses weigh 85 grams, are capable of high definition resolution, support interchangeable prescription lenses and can play content from USB-C compatible devices.
Capital from the round will be used to fund research and development, hire additional staff and support operations to begin shipping the product later this year.
Last month, Nreal said it had increased its overall funding to $15m following a series A round that included industrial robot developer Siasun, iQiyi, China Growth Capital, Shunwei Capital and APlus.
Siasun Ventures, the corporate venturing arm of Siasun, had joined Shunwei Capital and APlus to invest an undisclosed amount of seed funding into the company in 2017.
– Image courtesy of Nreal