China’s AR-based startup HiScene raises $35m in Series C

Photo: Bram Van Oost/Unsplash

Chinese augmented reality (AR) solution provider HiScene has raised  RMB 250 million ($35 million) in its Series C financing led by Yangtze River Delta Collaborative Advantage Industry Fund, which is under state-owned finance giant Shanghai International Group, local media reported.

Existing investor Shanghai Panxi Capital Management Co., Ltd also joined the round. HiScene will use the fresh fund for R&D and commercialization of its current solutions.

Founded in 2012, HiScene’s products include AR tech and communication platforms and smart glasses. It serves the sectors related to public safety, education, and marketing. It serves over 500 institutions and companies, including Baidu, Tencent and Alibaba, Gree Electric Appliances, SAIC Motor, Unilever and the Chinese police force.

In May, HiScene closed an RMB 120 million ($17.7 million) Series B+round. The funding round was participated by MyEG Capital, the investment arm of e-government service provider MyEG Services, technology-focused Junsan Capital, Chuangtu Capital, and Ondine Capital.

The latest funding round has brought HiScene’s total Series B commitment to Rmb220 million ($32.24 million), which will go to the commercialisation of the company’s products and services and its expansion globally.

Yangtze River Delta Collaborative Advantage Industry Fund was launched in December 2018 by a group of companies including Chinese state-owned financial holding firm Shanghai International Group.

The fund, which was set up at the end of last year, has completed $1.1 billion in first-round financing, it announced today, Xinhua News Agency reported.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.