Chinese augmented reality (AR) smart glasses manufacturer Nreal has wrapped up a funding round worth roughly $100 million, bringing Nreal’s net worth to a whopping $700 million, CNBC reported on Wednesday.
Nreal’s US debut has been delayed since 2018 due to court proceedings, but the $100 million fundraiser reveals it can conclude legal proceedings and capitalise upon a vast American market.
Currently, Nreal products are only available in South Korea, Japan, and Spain, although Nreal now has the ability to enter both Chinese and US markets.
In a statement to CNBC, Chi Xu, CEO of Nreal, said,
“China is definitely a huge market, and (we plan) to enter that market next year, and also the U.S .and maybe more countries as well”
The news comes as the Beijing-based firm plans to become a publicly-traded business within the next five years.
Talking to CNBC earlier this year, Chi Xu sees “a lot of good opportunities” as the firm predicts that “the market size is going to be massive.”
Delayed US Expansion
Nreal is concluding an ongoing legal battle with Unreal Engine creator Epic Games, a US software developer moving towards VR.
The 2018 lawsuit claimed the trademarks ‘Nreal’ and ‘Unreal’ were visually similar and could create confusion as both parties worked with the same technology partners.
Epic’s lawsuit forced Nreal to put its long-awaited US expansion on hold, as Nreal’s parent company, Hangzhou Tairuo Technology (HTT), and investors came together to help the rising Chinese AR firm fight its legal battles. The firm filed a counter-suit demanding Epic to pay Nreal’s court fees.
On top of this lengthy battle, former employers Magic Leap accused Nreal CEO Chi Xu of stealing company secrets to develop its products, but the case was dismissed in July last year by the District Court of Northern California.
