Millions Going to China’s Virtual Reality Industry
Over 12 Chinese VR companies obtained new funding of at least 10 million yuan each in March as venture capital firms keep coming to the virtual reality market.
The Nanfang Daily recently noted that 60 domestic companies have dove into the virtual reality industry since this past July by investing in device manufacturers and content creators.
In China, the virtual reality consumer market is set to burst upwards, this according to the Ministry of Industry and Information Technology (MIIT) recently. China’s virtual reality industry is expected to triple in 2016 to 5.66 billion yuan from 1.54 billion yuan this past year. The paper also estimates that the industry in on pace to pass 55 billion yuan by the year 2020.
MIIT says that China will promote several regulations on different displays and soft platform development later in 2016.
Starting March 2, Bong, a wearable device developer, declared that they obtained 32 million yuan of funding as they enter into VR device manufacturing. The funding was led by Yinjiang Venture Capital, this was noted by tech.163.com.
JmGo is a smart home theater provider that’s located in Shenzhen. The company obtained 600 million yuan in funding led by Zhongjin Qianhai Fund and Golden Brick Capital. The trend is continuing as the tech giant Huawei just recently declared they’re diving into virtual reality with the Huawei VR. The Huawei VR is set to compete against Samsung’s Gear VR and will work with the company’s most recent cell phone, which includes the P9, Mate 8 and the P9 Plus. Huawei didn’t say how much it’s going to cost, but did say that it’s going to have a lot of content options: 40 free games, 4,000 free movies, 150 panoramic tours and 350 panoramic images.
Insta360, a VR panoramic camera company, recently declared that it received hundreds of millions of yuan through Chinese investors such as Qiming VC and Xunlei among others.
Phantom VR, a company that develops VR games and is located in Beijing, obtained over 10 million yuan through angel investors. The investment was led by Magical World (a VR platform provider) and Hejun Capital.
Journey Technology, another company located in Beijing began working on evolving display technology and hardware for augmented reality. They obtained over 10 million yuan led by three venture capital firms.
The amount of people that use VR content throughout China is set to grow to 1.4 million in 2016, that according to iResearch, who thinks the number will double in 2017.