China Digest: Ximu gets $15m in Series A; O-Film buys stake in VR firm

U.S. 100 dollar banknotes and Chinese 100 yuan banknotes are seen in this picture illustration in Beijing, China, January 21, 2016. REUTERS/Jason Lee

In two separate business deals in China, O-film Tech Co Ltd acquired a 10.7 per cent stake in Shenzhen Virtual Reality Technology Co Ltd, while Ximu Credit raised $15 million funded by Zhixin Capital, and China Merchants Venture.

Ximu gets $15m in Series A backed by Zhixin Capital, China Merchants

Ximu Credit, a personal credit rating big data start-up, has raised $15 million (RMB102 million) in a Series A funding round led by Chinese private equity firm Zhixin Capital and China Merchants Venture Capital Management Co Ltd.

Others who joined the round were China Growth Capital, Chunxiao Capital, and existing investor Fosun Kinzon Capital, the China Money Network reported.

Founded by Lou Jianxun, an ex-manager at Ant Financial, Ximu Credit uses big data to understand consumer credit worthiness and help make loan decisions based on risk analysis and pricing models.

The startup plans to use the proceeds on research and development, external partnerships, and team expansion.

Beijing-based Zhixin Capital focuses on investing in financial technology, artificial intelligence, entertainment and consumer upgrade themes. The firm started in 2015 and manages RMB400 million.

Lou founded Ximu Credit in 2014 and received several million dollar investment from Fosun Kinzon Capital.

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O-Film acquires stake in VR firm

Shenzen-listed O-film Tech Co Ltd has acquired a 10.7 per cent stake in Shenzhen Virtual Reality Technology Co Ltd for $8.7 million.

The VR developer is backed by China Growth Capital, and Shenzhen Co-Win Venture Capital Investment Ltd.

A maker of precision photo electricity thin film components and parts, O-Film Tech plans to enter the virtual reality field, and envisions to establish a virtual reality value chain focused around VR headsets, CMN reported.

O-Film disclosed it will appoint a board member to the Shenzhen Virtual Reality. The latter makes virtual reality headsets.

Shenzhen Virtual Reality previously raised RMB30 million from Shenzhen Co-Win Venture Capital Investment during its first year in 2014.

The startup later raised an undisclosed sum in a series B funding round participated in by China Growth Capital, China Mobile Games and Entertainment Group Ltd, among others.

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