Chinese AR Startup Rokid Raises $70 Million from Hefei Government for Metaverse Development

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Chinese AR Startup Rokid Raises Million from Hefei Government for Metaverse Development

Published: January 10, 2024 at 10:56 am Updated: January 10, 2024 at 10:56 am

Edited and fact-checked:
January 10, 2024 at 10:56 am

In Brief

Rokid raised $70 million from the Hefei government and signed a cooperation agreement aimed to advance the local metaverse industry.

Chinese AR Startup Rokid Raised $70 Million from Hefei Government for Metaverse Development

Chinese augmented reality (AR) technology company Rokid raised $70 million in its most recent funding round, led by the Hefei government in Anhui province with participation of Institutional investors. As part of the deal, Rokid signed an investment and cooperation agreement with Hefei, aiming to advance the local metaverse industry.

According to founder and chief executive officer of Rokid, Misa Zhu, the company plans to focus on cutting-edge research and development and user experience optimization utilizing the new investment.

“We are honored to contribute to advancements in science and technology through our innovations. Looking ahead, we will maintain a focus on achieving technological milestones and enriching our ecosystem to empower developers and deliver superior products that benefit consumers and enterprises globally” said Misa Zhu, founder and CEO of Rokid.

Under the agreement with Hefei, Rokid also plans to establish its main metaverse facilities, including headquarters, ecosystem hub and a research and development (R&D) center, in Hefei’s New Station Hi-Tech Zone. This move aligns with the city’s growing focus on areas such as micro-displays and the metaverse.

“The cooperation between Rokid and Hefei builds on a shared vision to cultivate extended reality (XR) and metaverse industry development”

said Hong Fan, chairman of Hefei New Venture Investment Control.

The new collaboration is in line with Rokid and the city of Hefei’s joint efforts to promote innovation in metaverse applications and technologies.

Founded in 2014, Rokid specializes in creating AR equipment used across various consumer, travel, and industrial applications. Notable clients include companies like the State Grid Corporation of China and the home appliance giant Midea.

Previously, the company secured $52 million in funding from investors such as Yuhang Financial Holdings Group, Dunhong Capital Management, and Ganbei Investment.

China has been making significant strides in advancing the metaverse field with companies securing funding and support from local governments. This push aligns with the country’s broader technological development goals and positions China as a key player in the evolving landscape of AR and XR technologies.

In 2023, China’s Ministry of Industry and Information Technology (MIIT) took a significant step by introducing plans to form a working team responsible for defining guidelines in the metaverse sector. Recognizing the metaverse as one of nine crucial emerging technology sectors, the initiative aimed to shape industry standards.

Recently, Sichuan province in southwestern China unveiled ambitious plans to expand its metaverse industry, targeting a market size of $35 billion by 2025. The comprehensive action plan includes the development of metaverse-related industrial parks and the support and development of at least 15 leading metaverse firms.

With the new funding, Rokid joins the companies propelling local Chinese regions in metaverse development, contributing to China’s substantial progress in the metaverse realm.

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About The Author

Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and engagement with scientific writing.