CITIC Capital leads round for China VR headset maker
CITIC Capital has led a RMB230 million ($35 million) round of funding for Baofeng Mojing, or Baofeng Magic Mirror, a Chinese virtual reality (VR) headset manufacturer.
Chinese gaming company Tianshen Hudong and an investment fund launched by Baofeng Technology, the parent company of Baofeng Mojing, also participated. Existing investors including film producer Huayi Brothers, music company Tianyin, mobile firm Shenzhen Aisidi and Shenzhen Green Pine Capital Partners have all re-upped in the new round.
The round values Baofeng Mojing at RMB1.43 billion, the company told 36kr.
Baofeng Mojing develops VR headsets that can be used to watch videos and play games on smart phones. The device is already in its fourth iteration, with more than 500,000 units sold since the first generation debuted in September 2014. The company also makes VR cameras and other equipment.
The start-up raised a $10 million round from Huayi Brothers, Tianyin, Aisidi and Shenzhen Green Pine early last year.
In September last year, media-focused PE firm CMC Capital Partners participated in a $65 million Series C round of funding for Jaunt, a US-based VR technology developer, alongside TPG Growth, Evolution Media Partners and Participant Media.
More on Greater China
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.