NZ hologram tech player receives $27m Series B round
Time Warner Investments has led a group of investors, including China’s Baidu Ventures, in a $27 million Series B funding round for New Zealand-based holographic technology company 8i.
Australian investor One Ventures, Germany’s Seed & Speed Ventures, and US-based GPs Hearst Ventures and Verizon Ventures are among the other participants. It represents the first augmented reality (AR) and virtual reality (VR) investment from Baidu’s next-generation tech fund, which launched last year with a target of $200 million.
The capital brings 8i’s total funding to $41 million, and will be used to support the launch of a consumer mobile app known as Holo. The software allows users to create so-called mixed reality content using holograms that can be shared as videos via social media.
“With VR and AR, we’re seeing the very beginning of a new generation of immersive media,” Scott Levine, managing director at Time Warner Investments, said in a statement. “8i makes holographic human content a reality in this new era with its breakthrough volumetric capture technology, while lowering the barrier for creators. We’re excited to back this world-class team as they continue to push the boundaries of data compression and depth acquisition, and bring holograms to the mainstream with Holo on smartphones.”
Founded in 2014, 8i develops technology that transforms video signals into a photorealistic 3D holograms that can be integrated into VR and AR displays. The company claims to have signed more than 100 partners to date and has established an office presence in the US.
VR and AR has attracted increased but cautious private equity interest with greater mainstream acceptance in recent years. Horizon Ventures and Iconiq Capital were active in the New Zealand market last year with a $7.5 million round for Soul Machines, a company using related technology to produce psychobiological simulations enhanced by artificial intelligence.
US-based Time Warner Investments targets private early to mid-stage companies to support the media and entertainment businesses of its parent group. It seeks to acquire minority stakes through deployments up to $25 million.
More on Australasia
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.