Alibaba makes metaverse bet in China’s magic leap rival

Nreal received an RM252.24mil investment round from Alibaba, as the tech giant moves into the metaverse. — ETX Studio

Alibaba Group Holding Ltd. led a US$60mil (RM252.24mil) investment in Chinese augmented reality glasses maker Nreal, joining rivals Tencent Holdings Ltd. and ByteDance Ltd. to stake a claim in the future of the metaverse.

The ​​so-called Series C+ funding round brings the total Nreal raised within 12 months to US$200mil (RM840.8mil), the Beijing outfit said in a statement, without disclosing its latest valuation.