The Series C funding helps Nreal reach a $700M valuation. Here are the top-line bullets you need to know.
Nreal, a maker of augmented reality (AR) glasses and mixed reality (MR) equipment and technology, has raised $100M in a Series C round. The round drew participation from Yunfeng Capital, Hongtai Capital Holdings, NIO Capital, and Sequoia Capital China, among others.
HOW’S THE COMPANY PERFORMING?
- China-based Nreal develops and manufactures its glasses for commercial and private use.
- The company’s products include a set of AR glasses that can be connected to a smartphone and an operating system for its headsets.
- The company, which plans to go public within the next 5 years, currently operates in South Korea, Japan, Germany, and Spain.
- The company has 8,000 developers on its platform.
WHY DOES THE MARKET MATTER?
- The global augmented reality market is projected to grow at a CAGR of 31.5% and reach a value of $88.4B by 2026, according to Markets and Markets.
- Surging consumer demand for AR devices in combination with the growing number of AR applications across industries, such as healthcare, automobiles, retail, and e-commerce, is fueling the market’s growth.
- The need for “touchless” technology amid the Covid-19 pandemic, especially in industries like retail and e-commerce, has also contributed to market growth.