Augmented reality tech company Meta has announced that it was able to raise $50 million in its latest round of funding. The company added that among its new major investors are top Chinese conglomerates like Lenovo, Banyan Capital, Tencent, GQY, Horizons Ventures, and Comcast Ventures.

According to Variety, Meta's latest fund raising campaign started in February.

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Meta launched its new product, the Meta 2, in February. The company said that the Meta 2 is a natural machine learning system which was developed based on sophisticated neuroscience principles. Meta added that the Meta 2 can render augmented reality environments that are on par with human instincts and claims that it will change the way how people will perceive work, communication, and entertainment.

Meta Chief Executive Officer Meron Gribetz said that they were able to achieve such high level of augmented reality experience by integrating its product with some of the leading optical solutions and an interactive system based on neuroscience principle, according to China Tech News.

Banyan Capital founding partner Yue Bin has commended Meta for its breakthrough in the augmented reality platform. He added that with these new and groundbreaking technologies under Meta's portfolio, the company should be able to compete with top tech giants like Microsoft.

Many market analysts have said that the latest funding from major Chinese companies like Tencent and Lenovo could prove to be Meta's biggest success. By tapping these companies, Meta will no doubt appeal to the Chinese market instead of pursuing the lucrative yet very competitive Western market.

Meta said that with the funds, it would improve its hardware and software portfolio. The company is also considering a major expansion to accommodate the research and development of its next-generation product, the Meta 3.

TagsAugmented Reality, Virtual Reality, meta, Meta 2, Meta tech, Meta augmented reality, Meta 2 specs, Meta 2 price, Meta 2 release