New Horizon leads $37m Series B in China AR toy maker
Neobear, a China-based company that develops interactive learning tools for children, has raised a RMB250 million ($37 million) Series B round of funding led by Chinese GP New Horizon Capital.
Existing investors including Qualcomm Ventures, GGV Capital and ZTE VC also participated.
Neobear is a brand under Shanghai Young Zone Culture, which was established in 2009. The company rose to prominence earlier this year with the launch of its learning flashcards series Pocket Zoo.
The product uses augmented reality (AR) technology to help children recognize animal names in Chinese and English. Students download a free app released by Neobear, and then place a tablet or smart phone in front of the flashcards, each of which features an animal. Through AR technology, the animals will stand up on the screen and either walk, run, fly, or make noises.
The company received seed funding from local VC Liuhe Capital in 2014, and a RMB120 million Series A round led by GGV in last September. It plans to use the latest investment to develop new learning content covering children's stories, songs and interactive games, according to local media.
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