(Yicai Global) March 6 -- Thunderbird Innovation Technology, a Chinese augmented reality glasses maker under home appliance giant TCL, has secured more than CNY100 million (USD14.5 million) in its first fundraiser.
The financing round was led by Fosun Capital and Winreal Investment, while 37 Interactive Entertainment, Runxing Ruihua (Shenzhen) Investment, and Doctor Optical joined as strategic investors, Shenzhen-based Thunderbird said today.
The proceeds will be used to promote the research and development and mass production of AR glasses and make them more popular in the consumer-grade market, Thunderbird added. The company launched its smart glasses in 2021.
Chinese virtual reality and AR manufacturers have significantly accelerated the pace of product updates since May 2021, with global VR and AR shipments soaring 92 percent to 11.2 million units in 2021 from the year before, data from market researcher IDC showed.
China's total investment in AR and VR technologies will exceed USD12 billion in 2026, accounting for 24 percent of the world's total, with the country's market volume being second only to the US, according to IDC's latest prediction.
Thunderbird held over 28 percent of the domestic AR glasses online market last year, topping the industry, according to market analysis firm iResearch.
Editor: Martin Kadiev