China virtual reality headset maker raises $10m
Baofeng Mojing, a Chinese virtual reality headset manufacturer, has raised $10 million in a Series A round of funding led by film producer Huayi Brothers Media.
Music company Telling Telecommunication, mobile phone manufacturer Aisidi and venture firm Shenzhen Green Pine Capital Partners also participated. The investors have taken a 19% stake in the company, according to a filing.
Baofeng Mojing is a subsidiary launched by Shenzhen-listed video streaming service provider Beijing Baofeng Technology in January. The company aims to provide users with an IMAX-like experience through its headset when they watch videos or play computer games. As of March, Baofeng Mojing had about 2.4 million users.
Upon completion of the transaction, the parent company's stake in Baofeng Mojing will fall to 31.15% from 38.46%.
Beijing-headquartered Huayi was founded by brothers Dennis and James Wang in 1994. Earlier this month, it agreed a three-year financing deal with STX Entertainment, a Hollywood studio set up with support from Hony Capital and TPG Capital.
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