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China’s Tencent, Lenovo Buy Into U.S. Augmented Reality Startup

  • They join Horizon, Comcast in Meta’s $50 million funding round
  • California startup will use the money to develop a new headset
Tencent Holdings Ltd. surged 5 percent in Hong Kong after China’s second-largest Internet company posted record quarterly profit.
Photographer: Brent Lewin/Bloomberg

Tencent Holdings Ltd. and Lenovo Group Ltd. have joined a $50 million round of funding for Silicon Valley augmented-reality startup Meta, as China’s largest technology corporations expand their investments into the burgeoning field.

The money will bankroll a more advanced version of Meta’s AR headset that won’t require a PC for use, Chief Executive Officer Meron Gribetz said. Other investors in the Series B round include Horizons Ventures Ltd., Banyan Capital, and Comcast Ventures, the venture arm of Comcast Corp. Backed by Hong Kong’s richest person, Horizons Ventures led the company’s $23 million Series A funding last year.