Chinese chipmaker GravityXR has wrapped up an angel-round investment and pre-A financing round totalling hundreds of millions in Chinese yuan over six months times, Pandaily reported on Friday.
Investors such as Gaorong Capital, Sequoia Capital, Jinshajiang Venture Capital, and IDG led the funding round along with Lenovo Capital & Incubator Group.
Funding raised in the pre-A round will secure research and development (R&D), market expansion, and talent recruitment, among others.
The San Jose, California-based company’s chips are used for bionic visualisations in augmented and virtual reality (AR/VR) kit and offer multi-sensor interfaces, high resolution and frame rate displays as well as enhancement technologies.
The company was founded in September last year to boost R&D for XR processors, and its current Chief Executive gained significant experience in hardware after directing a team from US tech giant Apple.
The company’s founding team also holds critical experience in AR/VR, display technologies, semiconductors, and processors after serving in major technology firms such as Meta Platforms, Amazon, Huawei HiSilicon, Apple, and others.
In a statement, the company said,
“XR hardware devices’ chips, displays and optics are the value nodes with the highest cost, while XR special chips are an important link in optimizing the user experience of terminal hardware equipments”
The news comes as numerous XR and display firms have kicked off their own fundraisers to boost capital for vital projects, R&D efforts, and enhancements to existing solutions.
MicroLED firm VueReal earned $14.4 million USD following a Series B round of fundraising, allowing the company to procure capital for its components commonly used by tech giants such as Microsoft and Samsung, as well as many extended reality (XR) headset manufacturers.
Porotech, a manufacturer of microLED displays, also gained $20 million USD in Series A investments to distribute and expand production of its gallium nitrate (GaN)-based products, which deliver top-tier displays in poorly lit environments and outdoor spaces.