China’s Sky Limit Entertainment Group has received an undisclosed amount in a series A funding round from US-based technology company Intel Corporation’s venture capital arm Intel Capital.
Sky Limit Entertainment will use the funding proceeds for location-based VR content creation and for the development and promotion of comprehensive virtual, augmented and mixed reality content solutions for applications such as large space multiplayer free-roaming interactive games, an announcement said in Thursday.
The funding round follows previous investments that the company had received from AVICTC, Lenovo Capital and Incubator Group (LCIG), Shenzhen Weiyue Creative Investment Group and Mango Cultural and Creative Industry Private Equity Fund.
With the latest capital pool, the company will strive to make VR and related technologies and experiences commercially viable across sectors including technology, entertainment, sports and education.
Established in 2015, Sky Limited Entertainment aims at creating the immersive entertainment experiences, combining content creation, IP operations, and digital reality entertainment. The company possesses over 70 patents and related technologies.
Xiao Qi, Founder, Chairman and CEO of Sky Limit Entertainment said, “The strategic investment from Intel Capital will bring us broader development opportunities and deepen our collaborations across industry verticals, as well as help increase adoption and make VR and AR applications commercially viable.”
In 2017, Sky Limited Entertainment opened one of the world’s first super-scale VR experience centers in downtown Beijing under its newly announced international entertainment brand “SoReal”. In addition, Sky Limited Entertainment’s Global Innovation Center, established in 2018, was the first entertainment technology operation to be located in the National Base for International Cultural Trade (Beijing).