Rokid, a leading provider of augmented reality (AR) solutions, has raised 500 million yuan (approximately $70 million) in a new round of funding led by the Hefei municipal government. The fresh capital will support Rokid’s continued development of AR technologies and expansion of its metaverse platform.
As part of the deal, Rokid will establish an office in Hefei focused on enterprise AR solutions. Rokid and the Hefei government will also collaborate on building an ecosystem for metaverse developers.
“This funding allows us to accelerate our R&D and bring innovative AR products to even more customers,” said Rokid founder and CEO Misa Zhu. “We look forward to tapping into Hefei’s thriving tech community and contributing to the city’s goal of becoming a metaverse leader.”
In addition to the Hefei government, the funding round included participation from unnamed institutional investors. It comes on the heels of Rokid’s $112 million Series C round closed in November 2022.
Founded in 2014, Rokid offers full-stack AR solutions including hardware, software, and operating systems. Its products are used in various industrial and consumer applications. Rokid is headquartered in Hangzhou, China with an office in Redwood City, California.
Despite market challenges in the VR space, demand for AR and smart glasses continues to climb in China. AR glasses shipments in China rose 69% year-over-year in 2022, according to research firm Counterpoint.