Chinese augmented reality glasses maker Xreal has raised $60 million in investments as part of its next round of financing, which will help the company compete in the market with future AR devices from Apple and Meta✴ Platforms and Google. About it writes Bloomberg quoted Xreal CEO Chi Xu.
The report states that the total amount of investments attracted by Xreal exceeds $300 million. It is noted that the last $60 million came from a key supply chain partner, but who exactly it was is not known. The company is confident that the investments received will help produce two million devices in 2025. “This will help us expand our manufacturing capabilities as well as research and development.”Chi Xu added.
Xreal wants to capture a significant part of the augmented reality market. According to research firm IDC, the company accounted for about half of the AR device market in the third quarter of last year. At the broader level of the VR/AR device market, Meta is leading the way✴followed by Sony and ByteDance, and Xreal’s share is about 4%.
According to the head of Xreal, the company is capable of producing 500,000 to 1 million AR glasses this year, and investments will help produce 2 million devices next year. In addition, Xreal plans to become a public company and list its shares on a US stock exchange within two years. The company currently employs around 600 people and is geographically based in Beijing. The Xreal Air AR glasses display notifications, games and videos in the user’s field of vision. The recently introduced Air 2 Ultra glasses are said to be an additional source of income.
Xreal has no plans to integrate virtual reality technology into its devices. At the same time, Xu expects his company to compete with Apple in the augmented reality segment in the coming years. “I think we are three to five years ahead of them in AR. However, they are catching up. That’s why we have to move with the times and expand boundaries.”added the head of Xreal.
Previously, information appeared in the media that Apple developers were working on the development of lightweight AR glasses, similar to those offered by Xreal, in parallel with the Vision Pro mixed reality headset. However, Apple stopped working on this device as the technology was not yet ready for mass adoption. Meta✴ and Google have previously stated their intention to launch AR glasses for consumers in the coming years.