Taiwan subsidiary of multinational electronics supplier Foxconn, Ennoconn Corporation, received $39.8 million investment from Google, the two major companies plan to collaborate on more metaverse projects in Taiwan.
Ennoconn announced on Tuesday that Google is ready to invest privately in the company. Upon closing the deal, American tech giant Ennoconn will acquire a 4.6% stake, making it Foxconn’s third-largest corporate shareholder.
According to ETToday, Google Cloud has worked on industrial metaverse projects with Ennoconn, known for industrial motherboard design and development. Ennoconn’s products, including servers and gadgets for the 5G application and the Internet of Things, make the company a strong player in the metaverse space.
In November, Foxconn held an online virtual event to showcase the company’s e-vehicle and metaverse goals.
In 2017, Google bought a large stake in HTC’s hardware business in a $1.1 billion deal, giving the US tech conglomerate a large engineering base in Taiwan.
HTC, a Taiwanese consumer electronics firm that started making smartphones but later focused on virtual reality (VR) devices, is laying the groundwork for Taiwan to develop its metaverse industry.