Hon Hai Technology Group (Foxconn), a global leader in smart manufacturing, has today announced the signing of an Memorandum of Understanding (“MOU”) with XRSPACE, the company pioneering the next generation of visual reality through VR in the metaverse. Foxconn will both partner with and invest USD 100 million, with 15 million as the first stage with a stake in XRSPACE. Combining XRSPACE’s strengths in AI and other technologies including digital avatars, 3D virtual space creation and interaction, computer vision and hand gesture and hologram tracking, with Foxconn’s manufacturing capabilities in software and hardware vertical integration, the partnership will look to realize a shared vision of creating a holistic Metaverse ecosystem.
The Metaverse will be the next big thing after smartphones, bringing people together and changing the way they live their lives through 3D real-time interaction, physical to virtual, virtual to physical communication. The partnership between Foxconn and XRSPACE will showcase the new strength of Taiwan’s industry, integrating first-tier consumer experience, technology, components and manufacturing positioning the Taiwan market as a global leader in delivering consumer experiences in the global metaverse.
XRSPACE now focuses on two anchor Metaverse products: PartyOn, the social music metaverse for mass consumers, and GOXR, an enterprise metaverse that allows enterprise and creative industries to create their own metaverse experiences. The partnership will enable XRSPACE to build the infrastructure needed for their further inroads into the Metaverse and to continue to optimize its products.
Founded in 2017, XRSPACE is focused on building the entire metaverse, with features include shareable 3D space, social interaction for user groups or virtual people, instant 3D interaction, open creator contents, blockchain economy transaction, physical to virtual/virtual to physical, support different hardware devices such as VR/AR/mobile phone/tablet, etc. Metaverse is different from other previous tech products. It involves gaming, animation and content. It requires 10 times more computing power and display resolution, combining Silicon Valley technology with the creative imagination of Hollywood.
“Peter has a wealth of experience in leading global innovation and brand building. XRSPACE, founded by Peter, is a pioneer in the metaverse and has established various technologies and Metaverse platforms. 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. 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. Foxconn, as the world’s largest server provider, will be able to provide its knowledge to support these potential opportunities,” said Mr. Young Liu, Chairman of Hon Hai Technology Group.
“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. 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,” said Peter Chou, Chairman and CEO of XRSPACE.
During last year’s HHTD21 (Hon Hai Tech Day 2021), Foxconn leveraged XRSPACES’ GOXR platform, bringing the event to the Metaverse. Together, Foxconn and XRSPACE offered unique experiences to online participants, receiving positive feedback from both businesses and consumers.