After launching its first car last year, Alibaba is digging deeper into the automobile industry. The Chinese Internet and e-commerce behemoth isthe lead investor in smart car tech developer WayRays $18 million Series B round, the startup announced.
Founded in 2012, WayRay makes holographic navigation systems. According to its funding announcement, WayRay has already spent $10 million of its own capital, as well as previous venture funding, on the technology that underpins Navion, an augmented-reality dashboard that overlays directions and other information onto a drivers view of the road. The company plans to launch a consumer version of Navion in 2017.
In a prepared statement, Alibaba Groups senior investment director, Ethan Xie, said, We believe there is huge potential in the development of leading-edge technology like augmented reality and its application to various industries, like WayRays AR navigation system in the auto sector. The potential of augmented reality makes it an exciting and promising area.
Alibaba made its debut in the car industry last summer, when the RX5, a smart car it developed with SAIC (one of Chinas big four state-owned auto manufacturersopened for pre-orders. The RX5 uses Alibabas Yun operating system and the company hopes to make the vehicle part of an Internet-of-Things ecosystem that will include its other smart hardware and Internet services like Alipay.
But Alibabas smart cars are already up against rivals from other big Chinese tech companies like LeEco, which bills its electric car LeSee as the first mobility ecosystem on wheels, and Baidu, which is developing smart car technology and autonomous vehicles with BAIC, another of Chinas big four state-owned automakers.
WayRay also said that it will partner with Banma Technologiesa joint venture between Alibaba Group and SAICto create an augmented-reality navigation and entertainment system for a car that will be launched by Banma in 2018. WayRay claims that this is the worlds first vehicle in-production with a holographic AR head-up display.