Rokid AR Raises $70 Million, Image Gen LumaAI Grabs $43 Million As Big Tech Lays Off Thousands

The tech industry is abuzz with recent developments, including significant funding raises and widespread layoffs. CES 2024 might have concluded, but the aftermath is still making headlines.

Rokid’s $70 Million Funding Raise

Rokid, the creator of ar glasses for both enterprise and consumer use, has successfully secured a substantial investment. The Hefei Municipal Government, along with CEC Capital as the Exclusive Financial Advisor, has contributed approximately 500 million yuan (equivalent to $70 million). This funding aims to bolster domestic advanced technology production in line with Beijing’s strategies.

LumaAI’s $43 Million Series B Funding

LumaAI, specializing in creating AI that crafts 3D models, has garnered $43 million in its Series B funding round. Investors, including Andreessen Horowitz and previous supporters, have contributed to this significant achievement. This funding cements Luma’s valuation in the range of $200 million to $300 million, with their total funding surpassing $70 million.

Big Tech Layoffs: Google, amazon, and More

Despite the positive funding news, the tech industry has witnessed a wave of job cuts. Companies such as Google, Twitch, Discord, Instagram, and amazon’s Audible and MGM have implemented layoffs, with Google’s AR hardware teams substantially affected. Similarly, Unity Technologies has announced a significant workforce reduction, amounting to 25% of its employees, as they aim to focus on core operations and sustainable growth.

Rec Room Introduces Full-Body Avatars

In other developments, Rec Room has announced the introduction of full-body avatars as a beta feature in its upcoming March 2024 update. Users will have the option to choose these new avatars or retain the classic floating bean-body style. Additionally, an enhanced inverse kinematics system will result in smoother walking animations, with rumors suggesting possible full-body and finger tracking updates in the future.

Impact on the Tech Landscape

The recent developments in funding and layoffs have significantly impacted the tech industry. Whether it’s the injection of funds into innovative AR and AI companies or the distressing news of job cuts across various tech giants, these events have far-reaching implications.

Looking Ahead

As the industry continues to evolve, it’s crucial for companies to adapt to the changing landscape. Innovation, investment, and workforce management will be pivotal as the tech sector navigates the challenges and opportunities that lie ahead.

Conclusion

The ongoing evolution of the tech industry, characterized by significant funding raises and widespread layoffs, underlines the dynamic nature of this sector. As companies navigate through these developments, the strategic allocation of resources and a forward-looking approach will be key in shaping the future of technology.

Source: forbes