BEIJING, March 17 (Xinhua) -- Swiss-based AR navigation startup WayRay announced on Tuesday that it has raised 18 million U.S. dollars in a Series B round led by Chinese e-commerce giant Alibaba Group.
Besides, WayRay also has entered a partnership deal with China’s Banma Technologies, an Alibaba-backed internet-connected car maker, to develop a new AR car navigation and infotainment system.
Alibaba led a 749 million funding round in 2016 in AR firm Magic Leap for the development of a secretive reality simulation product.
In late 2016, the e-commerce conglomerate invested 15 million U.S. dollars into Israeli company Infinity AR. Enditem (Edited by Yang Yifan,yangyifan@xinhua.org)
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