China’s leading VR manufacturer, iQiyi Intelligence, announced today (January 4) that it had completed a series B financing jointly with Yitang Changhou Fund (屹唐长厚基金) and Qingxin Capital (清新资本). Valuing at hundreds of millions of RMB, this has set a record for single financing in the domestic VR industry.
This development shows the huge potential of China’s VR industry, especially within the entertainment industry as more and more viewers use VR to watch TV shows, launch events and for other entertainment purposes. iQiyi Intelligence stated that the financing will be used for the development of key VR technologies, algorithms, new products and VR content production.
“VR/AR products now emphasize technological innovation. If you want to bypass technology research and development and take a shortcut, it’s impossible to succeed.”Xiong Wen, CEO of iQiyi Intelligence.
iQiyi Intelligence is a market leader in China’s online entertainment industry and has launched a VR set with which users can watch VR TV shows and games that are available on iQiyi. The company has an 8K VR livestreaming feature which has been used by Beijing Film Festival and the International Horticultural Exhibition.
It completed Series A financing worth 100 million RMB in 2019, led by Addor Capital (毅达资本) and joined by Betrust Capital (贝信资本).
Read more: China accounts for 55% of world’s AR/VR market