Chinese VR headset firm Pico secures $24.7m in Series A

Photo from Pico.

Beijing-based VR headset manufacturer Pico said it is increasing its investment in 3D sensing and augmented reality (AR) technologies after raising $24.7 million in a Series A financing round co-led by GF Qianhe and GF Xinde Investment.

The funding round, which is the first public financing for the Chinese manufacturer since its establishment in 2015, was also participated by Jufeng S&T Venture Investments and other investors, the company announced.

The completion of the funding round came even as other VR startups globally are struggling to raise funds because investors prefer larger, more established firms.

Pico, which claims to be the leading VR manufacturer in China, released Pico Neo DK, the world’s first all-in-one VR headset based on Qualcomm‘s Snapdragon 820 platform in 2016.

It then released its Goblin series, which the company claims to be the most widely sold all-in-one VR headset in 2017. Pico Neo, the world’s first 6 DoF all-in-one, was also launched at the end of the same year.

“Pico will keep focusing on all-in-one VR and will also increase its investment in 3D sensing (TOF) and AR technologies in the near future. In the future, Pico hopes to become a portal-level AI vision company through the layout of VR+AR+TOF technology and products,” said Pico CEO Henry Zhou.

The company said it currently holds 435 domestic authorized patents and 192 authorized overseas patents. The team has more than 300 employees with offices located in Beijing, Qingdao, San Francisco, Tokyo, Barcelona and other countries and regions.

Aside from manufacturing VRs for PC or console-based systems, Pico is also actively deploying on the B2B side, getting deeply involved in education, real estate, insurance, automotive, medical and other fields, and developing in-depth cooperation with brands such as China Life, Mengniu, Toyota, and Volkswagen.

In March, VR home interior design platform Kujiale raised $100 million in a Series D funding round led by Shunwei Capital Partners.

Kujiale, established in November 2013 as a VR-based smart interior home design platform, now has about three million interior designers and over 10 million users of its platform.

Also Read:

Malaysian firm MYEG to invest $2.4m in China AR/VR firm Ximmerse

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

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.