HiScene, a Chinese startup that focuses on researching and developing core technologies and products for augmented reality, announced that it has closed its Series B+ funding round with total commitments of Rmb120 million ($17.5 million).
In a statement on its website, the China-based manufacturer of AR glasses and communication systems, said 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.
Founded in 2012 with headquarters in Shanghai and branches in Beijing, Guangzhou, Shenzhen, Kunming, and Silicon Valley, HiScene, also known as Liangfengtai owns independently researched and developed AI core technologies, such as computer vision, deep learning and intelligence interaction, integrated software, and hardware.
The latest funding round brings 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.
The company also said that it has been cooperating with Chinese carriers since 2017 to commercialise 5G and AR. AR has already been adopted in manufacturing, medical care, and education at the enterprise-level.
MyEG Capital, one of the backers of the Series B+ round, said AR is most likely to become the next-generation computing platform after mobile phones. The investment marks the Malaysian investment firm’s third investment in a Chinese-based company. It earlier invested in Chinese edtech company Jingle Magic and Guangzhou-based mobile AR developer Ximmerse.
According to AR investments tracker Digi-Capital, China-based funding for AR and computer vision technologies hit $3.9 billion in 2018 while a Goldman Sachs estimate said AR will drive $1.6 billion of retail annually by 2025.