Meta, the startup which manufacturers headsets for the combined use of AR (Augmented Reality) and VR (Virtual Reality) has raised $50 million in Series B funding from Horizons Ventures Limited (It also led the Series A round of Meta), Lenovo, Tencent, Comcast Ventures, Banyan Capital and GQY.
Founded in 2012, Meta is based out of RedWood City, with the R&D center based out of Israel. The raised funding will be used to build a better technology, more content as well as to work on the latest model, The Meta 3. The funding will also be used to explore more deals across other markets, including China.
Meta has taken a slightly different approach as compared to the mainstream VR companies. It focuses more on the design and technology of the headset and then makes the content available for the users. The competition is less, but not nil. It competes with the likes of Oculus Rift from Facebook among others.
The investment round can also be considered as one of the strategic one, with most of the investors in the current round based out of China, Meta has got a great platform to launch itself in the country.