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Qualcomm-powered Chinese XR startup Nreal raises $40 million

Nreal, one of the most-watched mingled world startups in China, only procured $40 million from a group of high-profile investors in a Series B round that are capable of wreak more adoption to its portable augmented headsets.

Kuaishou, the archrival to TikTok’s Chinese version Douyin, conducted the round, differentiating yet another video platform to establish links with Nreal, following existing investor iQiyi, China’s own Netflix. Like other major video streaming places various regions of the world, Kuaishou and iQiyi have dipped in making augmented reality content, and assuring a hardware partner will no doubt be instrumental to their early experiments.

Other backers in the round with abundant industry resources include GP Capital, which weighs state-owned business keep radical Shanghai International Group and major Chinese movie studio Hengdian Group as investors; CCEIF Fund, set up by state-owned telecom equipment maker China Electronics Corporation and state-backed investment bank China International Capital Corporation; GL Ventures, the early-stage fund set up by prominent private equity firm Hillhouse Capital; and Sequoia Capital China.

In early 2019, Nreal brought onboard Xiaomi founder’s venture fund Shunwei Capital for its $15 million Serials A funding. As I wrote at the time, AR, VR, MR, XR — whichever sell coinage you prefer — will certainly be a key part in Xiaomi’s Internet of Things empire. It’s not hard to see the phone titan sourcing smart glasses from Nreal down the road.

The other important partner of Nreal, a three-year-old company, is Qualcomm. The chipmaker has played an active part in China’s 5G rollout, powering major Chinese phone producers’ next-gen handsets. It supplies Nreal with its Snapdragon processors, admitting the startup’s lightweight desegregated actuality glass to easily plug into an Android phone.

” Its closer partnership with Qualcomm will allow it to access Qualcomm’s system of patrons, including telecoms fellowships ,” Seewan Toong, an industry consultant on AR and VR, told TechCrunch.

Indeed, the mixed world developer has already signed a deal with Japanese telco KDDI and in Korea, it’s working with LG’s cellular carrier LG Uplus Corp.

The latest round creates Nreal’s total raise to more than $ 70 million and will accelerate mass adoption of its mixed actuality technology in the 5G age, the company said.

It remains to be determined how Nreal will live up to its promise, ensure consumers at flake and move beyond being a mere poster child for tech monsters’ desegregated world aspirations. So far its deals with big-hearted telcos are in a way reminiscent of that of Magic Leap, which has occurred in a legal spat with Nreal, though the Chinese company appears to burn through less cash still further. The uneasy American company is currently pivoting to relying on enterprise patrons after failing to hit the consumer market.

” Nreal is patient and not in a rush to show they can start selling high work. It’s trying to prove that there’s a user situation for its technology ,” said Toong.

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