Chinese augmented reality (AR) and extended reality (XR) glasses maker Rayneo Technology has snapped up 500 million yuan ($70.9 million) in two Series B extension rounds, according to a company release on September 25.
The Series B+ and Series B++ rounds have attracted several local investors including Jiaxing Nanhu Keying, Jiaxing Nanhu Jiaxin Chuanghe, Wuxi Huikai Zhenghe, and Huishan Technology Innovation.
The proceeds will be used for R&D and expansion of its manufacturing facility.
Incubated by Hong Kong-listed consumer electronics firm TCL Electronics, Rayneo was established in 2021. With offices in Shenzhen and Irvine, California, RayNeo specialises in the research and development of AR technologies, offering AR consumer hardware, software and applications, according to its website.
Most recently, Rokid — which also develops AR glasses for consumers and industrial settings — pocketed another 100 million yuan ($14 million) from state-owned Jiangxia Science and Technology Investment Group, according to a release on September 30. The deal came nine months after Rokid secured 500 million yuan ($70.6 million) in a fresh funding round led by Hefei’s municipal government in January.
Despite the venture capital interest, Chinese AR/VR headsets saw their shipment drop by 29.1% in the first half of 2024, compared to the same period last year, according to data from market research firm International Data Corporation (IDC).
As Apple’s ‘mixed-reality’ headset Vision Pro commenced its sales across mainland China on June 28, analysts from IDC China believe that the introduction of the headset products will help China in upgrading the upstream and downstream development of the AR/VR market, adding that there could be an “explosive growth” as AR/VR headset makers are expected to launch more new products.
CHINA DEAL MONITOR
DealStreetAsia has also compiled a table listing all prominent venture capital transactions in Greater China from September 23 – 29, 2024.
