American augmented reality technology company Meta announced the completion of its USD50 million round of funding and its major investors included Horizons Ventures Limited, Lenovo, Tencent, Banyan Capital, Comcast Ventures, and GQY.
In February 2016, Meta launched its new-generation product Meta 2. According to the company, Meta 2 is a natural machine learning system developed based on neuroscience principles. By creating user experiences that are completely in line with human instinct, Meta 2 will change people's working, entertainment, communication, and interaction activities.
Meron Gribetz, chief executive officer of Meta, said that Meta integrates the leading optical solutions with an interactive system designed basing on neuroscience principles. Compared with traditional products, it is easier to use and features stronger functions for users.
Yue Bin, founding partner of Banyan Capital, said that Meta may be the only start-up that can directly compete with large companies such as Microsoft and Magic Leap in the AR sector. Other Chinese firms like Lenovo and Tencent added to the Sino flavoring of this latest round of investment.
After completing the new funding, Meta will continue to improve its hardware and software technical reserves. In regards to business expansion, technologies for its next-generation product Meta 3 are undergoing development in addition to related applications development. The company has not directly reported if the Chinese cash infusion will immediately lead to a China-based focus of its services.