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.