Chinese language augmented actuality (AR) glasses maker Nreal on Thursday stated it rebranded to Xreal — a reputation it hopes will encapsulate its enlargement into Europe and newest merchandise.

Peng Jin, co-founder of Xreal instructed CNBC in an interview that the “X” within the new branding displays the corporate is “increasing past what we thought was doable” and highlights new AR purposes. The corporate, whose merchandise are already offered within the U.S., U.Ok., China, Japan and South Korea, is planning to launch into European markets within the third quarter of the 12 months.

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Augmented actuality refers to know-how that permits digital photographs to be imposed over the true world and represents an space of present funding for the world’s largest tech firms, from Apple to Meta. It’s a key know-how within the so-called “metaverse.”

Xreal makes two fashions of a headset that appears like sun shades — the Xreal Air and Xreal Gentle — which run the corporate’s personal working system, known as Nebula. Like Apple with iOS on iPhones, builders could make apps for Nebula that individuals can then use through Nreal headsets.

When individuals placed on their headsets and open an app, they are going to see a big model of that content material in entrance of their eyes. However Nebula is simply accessible for Android units, limiting its attraction. On Thursday, Xreal introduced a brand new piece of drugs known as Xreal Beam, which it describes as an “iPod-shaped system” that may join, wired or wirelessly, to smartphones, gaming consoles and PCs.

This may permit somebody with virtually any system to make use of the headset. One of many key areas Xreal is focusing on is gaming. For instance, you can join Xreal Beam to a gaming console, similar to PlayStation, after which play a sport on an enormous digital display inside your glasses relatively than on a bodily TV.

Since its industrial launch final 12 months, Xreal stated it has offered 150,000 merchandise globally. Jin didn’t give particular numbers, however stated Xreal is trying to “double or triple” its gross sales within the coming 12 months.

He additionally revealed the corporate is trying to elevate cash. CNBC reported that Xreal fundraised $100 million in 2021 — which on the time valued the corporate at $700 million — adopted by $60 million from Chinese language e-commerce large Alibaba final 12 months. Xreal has some high-profile backers that embrace Nio Capital, the funding arm of electrical carmaker Nio, in addition to enterprise firm Sequoia Capital China.

Augmented and digital actuality are drawing curiosity from a number of the world’s greatest know-how firms. Meta has pinned its future to such improvements, whereas Apple is reportedly working by itself digital actuality headset and gaming large Sony final 12 months launched its second digital actuality headset known as PlayStation VR2.

Jin stated the competitors will assist broaden the market.

“When you’ve gotten firms like Sony and even Apple begin investing within the house it brings extra consideration to this basic course, it should draw extra expertise,” Jin instructed CNBC.

However Xreal operates in an attention-grabbing house. Its headset can be utilized with consoles just like the PlayStation, so that individuals can play a sport on an enormous digital display relatively than a TV.

This isn’t a direct competitor to the PSVR 2, which immerses gamers as in the event that they had been within the precise sport. However it does pose questions on whether or not firms might transfer to dam Xreal’s system sooner or later, a danger not misplaced on Jin.

“I am not saying these firms won’t in the future determine to construct their very own AR glasses and determine to dam us. I m not saying that is not going to occur. However there’s a lot extra to achieve than simply blocking us,” Jin stated.