The Chinese manufacturer of augmented reality glasses Nreal announced a rebranding. Now the company is called Xreal. This was announced by co-founder Peng Jin (Peng Jin) in an interview with CNBC. According to him, the company decided to rebrand because it wants to enter the European market with its latest products.
Speaking to CNBC reporters, an Xreal spokesperson said the “X” in the brand name reflects the company’s desire “Going beyond what we thought possible” while emphasizing the focus of its products on augmented reality. Products under the Nreal brand are already sold in the US, UK, China, Japan and South Korea, but the manufacturer will enter European markets in the third quarter of this year.
Augmented Reality makes it possible to superimpose objects in the real world with digital images. The technology is currently attracting a great deal of interest from leading technology companies, including Apple and Meta.*because it is the key to the metaverse.
Xreal produces two models of augmented reality devices – Xreal Air and Xreal Light. Both products look like sunglasses. The proprietary Nebula operating system runs on the devices. They are allowed to create third-party applications.
When you put on your glasses and start the app, it opens on a large virtual screen in front of the user’s eyes. Currently, Nebula is only supported by the Android operating system, so the company’s audience coverage is somewhat limited. Xreal this week unveiled a new device called the Xreal Beam, which the manufacturer describes as an “iPod-sized device” that lets you connect Xreal AR glasses to any device. It can be connected to smartphones, game consoles and PCs both wired and wirelessly.
One of the key areas of Xreal is games. For example, the same Xreal Beam device can be connected to a PlayStation gaming console and played on a large virtual screen projected by glasses instead of a physical television screen. According to Peng Jin, their devices are no match for the same PlayStation VR2 virtual reality headset that allows players to immerse themselves in the game as if they were actually in it.
The Xreal augmented reality glasses were commercially released last year. The company claims to have sold more than 150,000 of these devices worldwide. Peng Jin told CNBC that they aim to “double or triple” sales of their devices over the next year.
The company is also trying to find additional investments. In 2021, the manufacturer raised $100 million, of which $60 million was invested by e-commerce giant Alibaba. Xreal’s investors also include Nio Capital (an investment fund for electric car maker Nio) and venture capital fund Sequoia Capital China.
* It is included in the list of public associations and religious organizations for which the court made a final decision to dissolve or prohibit activities on the grounds provided for in Federal Law No. 114-FZ of July 25. 2002 “On Countering Extremist Activities”.