Korea's Gentle Monster backs China AR player Nreal
Nreal, a Chinese manufacturer of augmented reality (AR) glasses that resemble normal sunglasses, has received USD15m from South Korean eyewear brand Gentle Monster.
Gentle Monster was founded in 2011 and gained popularity in South Korea and China after Korean actress Jun Ji-hyun wore its sunglasses in the TV drama “My Love from the star." In 2017, an L Catterton-led consortium invested in the company.
Nreal also has a strong PE and VC following. In March, it closed an extended Series C round of USD 60m led by Alibaba Group. This followed an initial tranche of USD 100m in September 2021 with Nio Capital, Yunfeng Capital, and Hongtai Capital in the lead.
The company's Series A and B rounds closed in 2019 and 2020 with aggregate commitments of USD 55m. Short video platform Kuaishou, Shunwei Capital, China Growth Capital, Aplus Capital, mart robotics developer Siasun, and video streaming company iQiyi were among the participants.
Founded in 2017, Nreal differentiates itself from other headset makers through form factor. The company claims that its flagship product can recreate the vivid 3D graphics of conventional goggles with a more comfortable design that weighs about the same as a pair of normal glasses.
Its products have been launched in Japan, South Korea, the US and Europe. China entry came earlier this month, with iQiyi, Kuaishou, and Migu helping develop AR content while Nio was the collaborator for in-car entertainment.
Nreal has a network of 8,000 third-party app development partners globally. Together, they have rolled out solutions across education, tourism, and healthcare.
The company wants to create an immersive interactive experience by connecting mobile phones and AR glasses. It believes successful consumer-oriented apps have been lacking ever since the commercialisation of 5G. This is because mobile phones - with their small screens and 2D interactions - cannot present 5G content.
Nreal claims that its AR glasses are the first to realize "5G+AR" as a consumer-level business model by serving as a new terminal that links with mobile phones.
Other recent investment activity in the AR space includes a USD 160m Series C for Rokid, a provider of AR solutions for enterprise use cases. Going further back, WiMi Hologram Cloud, a developer of holographic AR advertising software that allows users to insert real or animated 3D objects into video footage, listed in the US in 2020.
More on Expansion
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.