Augmented Reality Pioneer META Raises $23 Million

Augmented reality hardware and software company Meta, was the first company to release an Augmented Reality wearable after raising $194,444 for a $100,000 campaign on Kickstarter in June 2013. Now, the company has announced a successful Series A funding round. During this round, Meta raised $23 million from venture capitalists.

The round was led by Horizons Ventures, Tim Draper, BOE Optoelectronics, and Y-Combinator partners Garry Tan and Alexis Ohanian. Danhua Capital, Commodore Partners, and Vegas Tech Fund (founded by Tony Hsieh, the founder of Zappos) also participated in funding Meta.

Meta CEO Meron Gribetz expressed his gratitude for this funding in a press release: “We are humbled by the caliber of investors that have backed us and are helping us turn our dream into a reality. These are the very same people who first put their faith in Tesla and SpaceX and are now placing their confidence in our vision, and we couldn’t be more proud.”

This round of funding comes after Meta’s initial troubles with the Meta 1, Meta’s first product. The Kickstarter campaign gave Meta the momentum to raise about $2 million total for the Meta 1’s development. However, after announcing a November 2013 release date, the Meta 1 Developer Kit didn’t begin shipping until January of this year. Despite Meta’s setbacks, companies like Arup, Salesforce, and SimX are now beginning to develop apps for the Meta 1.

The Meta 1, an augmented reality hardware has cameras and sensors that help construct and project virtual worlds for its users. Their holographic display allows for wearers to see everything in front of them.

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