The funding will help Rokid expand globally and invest in R&D. Here are the top-line bullets you need to know.
Rokid, an augmented reality (AR) smart glasses startup, has raised $160M in Series C funding.
HOW’S THE COMPANY PERFORMING?
- Rokid is a designer and manufacturer of AR glasses with 5G compatibility for industry and exhibition applications.
- Equipped with AI algorithms and AR technology, the glasses help field workers — across industries such as oil & gas, electric power, aviation, and rail transport — communicate with experts, keep track of processes, and reference internal databases.
- The company’s AI and AR products are in use in over 70 countries and regions globally.
- Some of Rokid’s partners include Caterpillar, Audi, Agora, and Volkswagen.
- The startup is supported by a team of around 380 employees and has offices in Redwood City, Chengdu, and Hangzhou.
WHY DOES THE MARKET MATTER?
- The global augmented reality (AR) market is projected to reach a value of $88.4B by 2026, growing at a CAGR of 31.5%, according to Markets and Markets.
- Surging consumer demand for AR devices combined 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.
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