Even Realities, the AI-driven startup behind even reality-enabled smart glasses, has raised $150 million in funding from tech giants Meituan and Tencent. The company's valuation now stands at one billion dollars.
The acquisition, valued at around 3% of Even Realities' overall value, is a significant boost for the startup, which was once backed by venture capital firm Sequoia Capital. Even Realities' technology uses artificial intelligence to create an immersive virtual reality experience without requiring any physical hardware or glasses. The company's smart glasses are designed for various industries such as healthcare, education and entertainment.
The funding has enabled Even Realities to expand its operations and establish partnerships with key players in the tech industry. Meituan, a Chinese e-commerce giant, invested $150 million at a valuation of around 3% while Tencent took an even smaller stake. The funding comes ahead of the company's planned IPO.