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$70M boost: Rokid secures funding to propel Metaverse advancements amid Apple Vision Pro release

Rokid AR. Image credit; Rokid

Rokid, a leading Chinese augmented reality (AR) company, recently announced a substantial milestone in its journey, raising approximately $70 million (500 million RMB) in a strategic financing round. The investment, led by the Hefei Municipal Government, marks one of the most significant recent AR investments in China and signifies a major step towards advancing the metaverse industry. CEC Capital functioned as Rokid’s exclusive strategic and financial advisor in this transaction. The announcement coincides with Apple gearing up for the release of its Vision Pro headset.

Building partnerships for innovation

In tandem with this financial feat, Rokid solidified an investment and cooperation agreement with the Hefei Municipal Government, focusing on boosting the metaverse industry. Under this partnership, Rokid is set to establish its industrial metaverse headquarters, an ecosystem hub, and a cutting-edge research and development (R&D) centre within the Hefei New Station Hi-Tech Zone.

A vision for growth and collaboration

This strategic alliance aims to accelerate the development of Hefei’s emerging tech sectors, particularly micro-display and metaverse domains. Rokid plans to fortify its enterprise solutions business leveraging Hefei’s electronic infrastructure while forging collaborations with regional partners. Moreover, the collaboration seeks to co-create a metaverse developer platform, nurturing global innovators in the spatial computing realm.

“The cooperation between Rokid and Hefei builds on a shared vision to cultivate XR/metaverse industry development,” said Fan Hong, Chairman of Hefei New Venture Investment Control Co., Ltd. “This aligns with efforts by both sides to drive intensive innovation on metaverse applications and technologies. Moving forward, Hefei National Hi-Tech District aims to further enhance its ‘2+5’ industrial system and leverage the city’s robust core display industry foundations. We will continue improving a ‘park + fund + ecosystem’ framework, focused on strengthening the micro-display value chain, expanding the XR ecosystem and solidifying the metaverse foundation. Following this path, we can promote synchronized industrial progress and ecosystem buildout alongside outstanding partners like Rokid.”

Pioneering innovation since inception

Founded in 2014, Rokid is an innovator in spatial computing, harnessing proprietary artificial intelligence (AI) and AR technologies for both enterprise and consumer applications. Its innovations have found deployment in over eighty countries, garnering acclaim, and positive feedback.

Zhihui Qi, Head of Equity Capital Markets at CEC Capital commented, “Rokid is a domestic and global leader in human-computer interaction. Meanwhile, as a foremost ‘venture capital city’ in China, Hefei has cultivated key positions across many emerging strategic sectors. The synergy between these two influential parties to jointly coordinate long-term metaverse industry development also marks an important milestone for CEC Capital as we continue embracing the ‘strategy + capital, industry + capital’ approach and deliver diversified, professional services that empower clients.”

Visionaries’ perspective

Misa Zhu, Founder and CEO of Rokid, expressed pride in contributing to the realms of science, technology, industry, education, and healthcare through their innovative strides. Emphasising Rokid’s commitment to cutting-edge R&D and user-centric experiences, Zhu outlined the company’s dedication to achieving technological milestones and enriching the developer ecosystem for global impact.

“We are honoured to contribute to advancements in science/technology, industry, education and healthcare through our innovations,” said Zhu. “High-tech leads global progress, and we are proud that investors like the Hefei government recognize our work driving breakthroughs. Rokid prioritizes cutting-edge R&D and optimizing the user experience. Looking ahead, we will maintain focus on achieving technological milestones and enriching our ecosystem to empower developers and deliver superior products that benefit consumers and enterprises globally.”

Driving future industry development

This collaboration between Rokid and Hefei signifies a strategic alignment aiming to push the boundaries of the metaverse industry. It underscores the convergence of Rokid’s technological expertise with Hefei’s robust electronics infrastructure, setting the stage for pioneering advancements.

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