Alibaba is the next big company to enter the Augmented Reality market by acquiring the Israel based company Infinity Augmented Reality Israel Ltd (InfinityAR). InfintyAR founded in 2013. This was announced by both the companies. The deal is estimated to be upwards of $10 Million USD, although the financial details of the deal still remain undisclosed.
InfinityAR had previously raised $18 Million in funding from Alibaba and Sun Corporation Ltd. and so far has managed to raise $25 Million.
“Alibaba is very interested in our product because it is an open platform, and it believes that it will be a milestone in the shopping and gaming world in the near future,” Kushnir told Globes.
“There are experts who claim that the entire cellular sector will undergo a revolution and some of it will even become superfluous with the entry of the augmented reality revolution.”
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