Foxconn to Invest $100m in XRSPACE’s Metaverse Vision
Hon Hai Technology Group – better known as Foxconn – one of the largest technology manufacturers on the planet has announced a new partnership with XRSPACE, the virtual reality (VR) company founded by former CEO and co-founder of HTC, Peter Chou. The agreement will see Foxconn invest a whopping $100 million USD in XRSPACE and its VR and metaverse ambitions.
Foxconn isn’t dropping the full $100 million right away. The two companies have signed a Memorandum of Understanding (MOU) with Foxconn investing $15million, to begin with, alongside a stake in XRSPACE. Utilising both of their respective expertise – Foxconn’s manufacturing capabilities and XRSPACE’s strengths in AI, VR and computer vision – are looking to build a holistic Metaverse ecosystem.
Foxconn’s investment will allow XRSPACE to continue optimizing its products like the Manova VR headset, PartyON metaverse and GOXR metaverse whilst building the infrastructure needed to expand these digital universes.
“In order to create a bigger and better metaverse in the future, we need to combine cloud, AI, edge computing, 5G and storage. This is the key reason for this partnership. Foxconn has a clear vision on metaverse,” said Peter Chou, Chairman and CEO of XRSPACE in a statement. “We believe there are so many things we can do to complement each other and work together to make the metaverse better. We are super excited for the partnership with Foxconn, this strategic partnership is not just only making our metaverse experiences better and stronger, Foxconn will also help us a lot on global market development.”
“We are thrilled to partner with XRSPACE, and we envision that this partnership will enhance the software technology, delivering a holistic metaverse hardware and software ecosystem,” adds Mr. Young Liu, Chairman of Hon Hai Technology Group. “Foxconn’s approach towards the Metaverse is the same as that for electric cars—we will provide our expertise within the framework rather than solely focusing on the end product, developing in key areas that include AR/VR, software, infrastructure, content and applications and addressing the increasing demand for cloud services and more powerful server architecture.”
XRSPACE burst onto the XR scene a couple of years ago announcing the €499.00 EUR Manova headset and the accompanying Manova World platform. There’s been little fanfare for the hardware since, but the company has released the PartyON and GOXR apps since then. PartyON is a consumer-focused music metaverse that’s currently available in Meta Quest’s App Lab. GOXR, on the other hand, is designed to help companies create their own metaverse experiences.
As XRSPACE continues to expand its metaverse ambitions, gmw3 will keep you updated.