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In a significant milestone for the augmented reality (AR) glasses industry, Alibaba-backed Xreal announced on Monday that it has secured $60 million in new funding, propelling the company to a valuation surpassing $1 billion. This achievement marks Xreal as the first unicorn in the AR glasses sector, although details about the participating investors in the latest funding round were not disclosed.
Xreal specializes in developing AR glasses, with its latest model, the Air 2 Ultra, scheduled to begin shipping in March. Priced at $699, the Air 2 Ultra offers an affordable alternative to Apple’s Vision Pro virtual reality headset, set to debut in the U.S. on February 2 at a higher cost of around $3,500. The Air 2 Ultra is compatible with gaming consoles, providing users with an immersive experience on a large virtual screen.
As of January 8, Xreal reported having shipped 350,000 AR glasses since its launch in 2017, showcasing a steady increase from 250,000 units in October and 150,000 units in May of the previous year.
The newly acquired $60 million in funding is earmarked for research and development initiatives, along with expanding manufacturing capabilities. Xreal aims to bolster its position in the AR glasses market, which is gaining traction with advancements in spatial computing technology. The total backing from investors for Xreal has now reached an impressive $300 million, signaling strong confidence in the company’s vision and potential for growth.