China metaverse infrastructure start-up raises $130m
Chinese metaverse start-up Xmov has raised USD 130m in Series B and Series C funding featuring SoftBank Vision Fund, Sequoia Capital China, Northern Light Capital, and Index Ventures.
Vision Fund led a USD 110m Series C with support from Northern Light and Index. Fresh Capital and Jinsha Capital led a USD 20m Series backed by existing investors Sequoia China and 5Y Capital. Proceeds will go to R&D, market expansion, and development of the upstream and downstream ecosystem.
Founded in 2018, Shanghai-based Xmov creates large-scale, interactive, and intelligent virtual people and 3D content using computer graphics based on artificial intelligence. It claims such technology has lowered the threshold of metaverse content production, increased production capacity, and accelerated the scale of metaverse content.
The company has served more than 200 corporate customers in industries such as social platforms, gaming, entertainment, and film productions, e-commerce, consumer brands, finance and healthcare. Clients include Tencent Holdings, Alibaba Group, Xiaomi, and L’Oréal.
Jinxiang Chai, founder and CEO of Xmov, said value was created by providing infrastructure for the scaled interaction and intelligent virtual content and virtual humans, and empowering all walks of life to enter the metaverse.
"Compared to traditional single-point software tools and labour-intensive content production processes, Xmov's self-developed end-to-end full-stack virtual content and virtual human intelligent production matrix can greatly improve the production efficiency, and enable large-scale and intelligent production,” said Kaixun Zhang, a managing partner at Vision Fund.
“It can bring new innovations to the traditional 3D content production industry and become the infrastructure for virtual content production in the metaverse era,.”
Xverse, a Shenzhen-based 3D user-generated content platform, raised USD 120m across a Series A and Series A extension led by GL Ventures and Sequoia China, respectively, in March. Also known as Yuanxiang, Xverse was established in 2021 with a view to building operating systems for the metaverse.
Index Capital served as financial advisor of the Xmov round.
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