Alibaba Acquires Augmented Reality (AR) Startup
Chinese technology giant Alibaba has bought an Israeli startup Infinity Augmented Reality. Infinity AR is developing a platform for augmented reality glasses; with its help, developers will be able to create AR-applications. Infinity AR is to join the Alibaba Israel Machine Vision Laboratory research centers in the field of artificial intelligence, where they are engaged in computer vision and navigation technologies in AR.
Infinity AR has been established through the initial investments of Kazakhstani entrepreneur Kenes Rakishev and the Singulariteam foundation. In 2014-2015, these funds and the preceding Genesis Angels Fund LP invested $7.5 mln in the company. In 2016, Sun and Alibaba corporations joined the pool of investors, investing another $16 mln. The total amount of funds raised in three rounds of crowdfunding exceeded $25 mln.
“The symbiosis of Infinity AR and Alibaba will create conditions for the development of such advanced technologies as AR, computer vision and AI. This will be facilitated by the exceptional competencies of the R&D Infinity AR team and Alibaba business experience,”
— noted investor Kenes RAKISHEV.
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