India’s mobile-tech company Micron Technologies has been named one of the top 10 technology companies in India by Technology Review, with a valuation of $1.6 billion.
Micron’s stock rose to $6.56 on Wednesday, up from $6 on Wednesday.
The company has raised $2.7 billion in capital and plans to hire 200 more employees in the coming years.
The valuation of Micron comes after the technology company’s first product was a wireless camera that can detect the presence of an animal in a home.
It was developed by a team of engineers from Micron, who now have an engineering team of more than 1,500, according to Micron founder and chief executive officer Arundhati Bhattacharya.
Microns vision of a “virtual and augmented reality” world is also a direct product of its vision for the company, said CEO and co-founder Rupa Malhotra.
Microrations revenue grew 60 percent last year to $2 billion, compared with $1 billion a year ago.
Micronexion, which is also based in Bengaluru, has raised nearly $1,000 million in funding.
It plans to roll out its own virtual reality headset later this year, but will only sell to consumers.
Micrones new VR headset is more expensive than the competition but is “the most innovative” in the VR market, Malhotras head of global marketing said.
Micros VR headset costs $599, but is priced more competitively with Oculus Rift, Samsung Gear VR and Google Daydream VR.
The new headset will be launched on February 26 and will have a price tag of $399.
Micronic will sell VR headsets for the Xbox One, PlayStation 4, PlayStation 5 and PC, the company said.
The headset is designed to make virtual reality experiences more compelling and comfortable, as well as for users who are looking for a “more immersive experience”.
Micron is also working on its own headset, but it is still in the early stages, Malhats said.
“We’re very focused on building a VR ecosystem and creating the best product we can,” he said.
Malhotre said the company is also looking to enter the mobile gaming space.
Micromania is launching its first smartphone, the Micron Micron X1, on February 12.
It will feature a quad-core processor with 2GB of RAM, 16GB of internal storage and 4GB of on-board storage, a 4.3-inch display and a 720p camera with LED flash.
It is powered by a Snapdragon 801 SoC.