Chinese augmented actuality glasses maker Nreal rebrands as Xreal as it takes on tech giants

Chinese augmented reality (AR) eyeglasses maker Nreal on Thursday mentioned it rebranded to Xreal — a name it hopes will encapsulate its growth into Europe and most up-to-date products.

Peng Jin, co-founder of Xreal informed CNBC in an interview that the “X” in the new branding reflects the corporation is “growing outside of what we believed was doable” and highlights new AR applications. The company, whose merchandise are currently marketed in the U.S., U.K., China, Japan and South Korea, is arranging to launch into European marketplaces in the 3rd quarter of the yr.

Augmented actuality refers to technologies that allows digital pictures to be imposed around the serious globe and signifies an space of existing expense for the world’s premier tech companies, from Apple to Meta. It is a critical technologies in the so-known as “metaverse.”

Xreal makes two styles of a headset that looks like sun shades — the Xreal Air and Xreal Gentle — which run the firm’s own running procedure, called Nebula. Like Apple with iOS on iPhones, developers can make applications for Nebula that individuals can then use through Nreal headsets.

When people today put on their headsets and open up an app, they will see a substantial model of that material in front of their eyes. But Nebula is only available for Android gadgets, restricting its attraction. On Thursday, Xreal introduced a new piece of equipment called Xreal Beam, which it describes as an “iPod-formed gadget” that can link, wired or wirelessly, to smartphones, gaming consoles and PCs.

This will make it possible for anyone with virtually any product to use the headset. Just one of the important regions Xreal is focusing on is gaming. For example, you could hook up Xreal Beam to a gaming console, this kind of as PlayStation, and then engage in a activity on a large virtual display inside your glasses alternatively than on a bodily Television.

Considering the fact that its commercial start last 12 months, Xreal mentioned it has bought 150,000 solutions globally. Jin did not give distinct numbers, but said Xreal is wanting to “double or triple” its sales in the coming calendar year.

He also uncovered the firm is hunting to increase funds. CNBC documented that Xreal fundraised $100 million in 2021 — which at the time valued the organization at $700 million — followed by $60 million from Chinese e-commerce big Alibaba last 12 months. Xreal has some higher-profile backers that involve Nio Money, the expenditure arm of electric carmaker Nio, as properly as enterprise organization Sequoia Funds China.

Augmented and virtual reality are drawing curiosity from some of the world’s most important technological innovation corporations. Meta has pinned its long run to these kinds of innovations, although Apple is reportedly performing on its possess virtual fact headset and gaming big Sony past yr launched its 2nd digital reality headset termed PlayStation VR2.

Jin claimed the level of competition will enable broaden the market place.

“When you have providers like Sony or even Apple begin investing in the area it provides more focus to this common path, it will draw extra talent,” Jin explained to CNBC.

But Xreal operates in an exciting house. Its headset can be used with consoles like the PlayStation, so that persons can enjoy a game on a massive digital display rather than a Television.

This is not a direct competitor to the PSVR 2, which immerses gamers as if they were being in the actual sport. But it does pose issues about regardless of whether companies may perhaps move to block Xreal’s product in the potential, a possibility not shed on Jin.

“I am not stating these organizations will not just one working day decide to establish their individual AR glasses and determine to block us. I m not stating which is not heading to take place. But you will find so considerably a lot more to acquire than just blocking us,” Jin said.