Augmented reality hardware manufacturer Rokid has closed a strategic investment round led by NetDragon Websoft Holdings Ltd., bringing the company’s Series C funding round to $112 million. Both companies have also penned a 5-year agreement to pursue metaverse opportunities worldwide with Rokid’s AR technologies.
As per a Bloomberg report, NetDragon’s financial investment has elevated Rokid’s valuation to $1 billion. The company intends to utilise its newly secured funds to expand its global presence. Misa Zhu, founder and CEO of Rokid, mentioned that the pandemic had hindered the company’s expansion efforts, but the new investment and partnership are poised to reinvigorate and propel their journey forward.
Dr. Simon Leung, NetDragon Group vice chairman and executive director said, “We are excited with our investment in Rokid as we believe AR will be one of the core technologies to enable the metaverse in the years to come. We see AR becoming a key channel for users to interact in the metaverse, and will significantly broaden the number and variety of use cases, especially in education and gaming. Our partnership with Rokid will open up opportunities for us to design products with a new level of user experience with the application of AR technologies, and at the same time accelerate our go-to-market for our AR-enabled product offerings.”
Growing the metaverse
NetDragon has been a prominent force in constructing internet communities on a global scale with acknowledged accomplishments in education that have established it as an entity that utilises technology to enhance learning experiences. Rokid’s AR technologies will provide tech solutions such as hardware, software, and operating systems.
“We are happy to have NetDragon onboard as not just our investor but also our close strategic partner going forward. As a leading unicorn in the rapidly growing AR industry, Rokid is a product-oriented platform company focusing on human-computer interaction technology with a strong track record in multiple industrial and consumer applications,” said Zhu.
“We look forward to working with NetDragon to expand our opportunities by leveraging their knowledge and know-how in education and gaming, as well as their global sales network. We believe that the combination of NetDragon and Rokid will bring new momentum in product development and breakthrough innovation to the industry,” Zhu added.
The investment of funds and establishment of this partnership will expedite the development of next-generation interactive user experiences, which are poised to become the foundational elements of the future metaverse. Rokid presently enjoys support from various investors and industry stakeholders, including IDG, Walden, Fosun, Haitong, and Temasek.