Rokid, a Chinese augmented reality startup known for its innovative technology, has received a significant funding boost of $70 million from the Hefei government, directing these resources towards advancing metaverse projects.
In Brief
The Hefei government has invested $70 million in Rokid, accompanied by a collaborative agreement aimed at propelling the development of the local metaverse landscape.
Rokid is recognized as a pioneering enterprise in augmented reality (AR) technology within China. Rokid In its latest funding round, Rokid gathered $70 million with the backing of the Hefei government from Anhui province, alongside various institutional investors. This agreement includes a collaboration framework intended to develop the metaverse industry locally.
Misa Zhu, the founder and CEO of Rokid, stated that the company aims to prioritize pioneering research and development alongside enhancing user experiences using the new funds.
"We feel privileged to play a role in advancing technology through our innovations. As we move forward, we will concentrate on reaching significant technological benchmarks and expanding our ecosystem to empower developers and produce superior products for consumers and enterprises worldwide,\" remarked Misa Zhu, founder and CEO of Rokid.
As stipulated in the partnership with Hefei, Rokid has intentions to set up its principal operations, including its headquarters, an ecosystem hub, and a research and development (R&D) center, within Hefei’s New Station Hi-Tech Zone, aligning perfectly with the city's increasing emphasis on micro-displays and the metaverse. metaverse \"The collaboration between Rokid and Hefei is founded on a mutual ambition to foster growth in the extended reality (XR) and metaverse sectors,\" stated Hong Fan, the chairman of Hefei New Venture Investment Control.
This new partnership reflects the coordinated efforts between Rokid and the Hefei administration to encourage innovation within metaverse-related technology and applications.
Their technology finds applications across diverse sectors including consumer goods, travel, and industry, with notable clients like the State Grid Corporation of China and home appliance leader Midea.
Previously, Rokid had garnered $52 million in funding from several notable investors, including Yuhang Financial Holdings Group, Dunhong Capital Management, and Ganbei Investment.
Founded in 2014, Rokid specializes in creating AR equipment China is making significant progress in the metaverse space, with various companies obtaining funding and support from local governments. This initiative corresponds with the larger national goals of positioning China as a frontrunner in the developing landscape of augmented and extended reality technologies.
In 2023, a pivotal step was taken by China’s Ministry of Industry and Information Technology (MIIT) when they formed a dedicated team focused on establishing guidelines within the metaverse sector, recognizing it as one of the nine vital emerging tech areas, aimed at setting industry standards.
Recently, the Sichuan province boldly announced extensive plans to bolster its metaverse sector, aiming for a $35 billion market size by 2025, which encompasses plans for dedicated metaverse industrial parks and nurturing at least 15 leading metaverse companies.
With the influx of new funds, Rokid is aligning itself with other firms that are spearheading regional advancements in metaverse technology, playing a vital role in China's ambitious journey in this domain. technological development The Ministry of Industry and Information Technology in China backs these initiatives, emphasizing that the information shared here is not to be construed as legal, tax, investment, or financial advice, and encourages taking only accountable risks while suggesting independent financial counsel for those contemplating investments. For more details, please refer to the terms and conditions and support resources provided by the issuer or advertiser. MetaversePost is dedicated to delivering precise, unbiased news coverage, although market conditions can evolve unexpectedly.
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Disclaimer
In line with the Trust Project guidelines With the latest funding round led by the Hefei governmental body, Rokid has established a partnership aimed at enhancing the local metaverse sector.
