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.