Beijing-based augmented reality (AR) glasses and software company, Rokid, revealed a successful funding round of 500 million yuan ($70 million) this week. The financing was spearheaded by the government of Hefei city, known for supporting electric car startup Nio and serving as a hub for automotive and semiconductor manufacturing in proximity to Shanghai.
While Rokid currently sells AR glasses for consumers, the recent collaboration with Hefei is poised to harness AR technology for industrial applications, particularly within factories, according to Rokid’s founder and CEO, Misa Zhu. The implementation of AR glasses in factory settings aims to enhance equipment safety checks and streamline worker training, with Rokid claiming a notable 60% market share in industries like energy in China.
Zhu emphasized that, for businesses, the emphasis is on the product’s capabilities rather than its price, providing Rokid the opportunity to test new AR technology with industrial clients before exploring cost reductions for consumer deployment.
Under the cooperation agreement with Hefei city, Rokid is set to establish an “industrial metaverse headquarters, an ecosystem center, and a research and development center,” as reported by local state media. This strategic move aligns with China’s broader objective of reinforcing domestic capabilities in advanced manufacturing, even as global companies diversify their supply chains.
Rokid anticipates making additional tech-related announcements in the coming weeks, emphasizing the substantial potential arising from the integration of artificial intelligence (AI) with AR. CEO Misa Zhu envisions that “AI plus AR is going to change people’s lives in the next five to 10 years,” asserting that AI will enhance data gathering and organization, while AR will provide a more natural display of the information.
