China-based virtual and augmented reality technology developer 51HiTech has raised RMB210m ($31.7m) in a series B round co-led by artificial intelligence technology provider SenseTime, China Money Network has reported.
SenseTime co-led the round with real estate developer Modern Land (China), investing alongside Shanghai Pudong Development Bank, Silicon Valley Bank, Lightspeed China Partners, Shenzhen Green Pine Capital Partners, Green Living and Star VC.
Founded in 2015, 51HiTech is working on virtual reality (VR) and augmented reality (AR) technology that real estate agents can use to conduct viewings.
Archer Li, 51HiTech’s co-founder, said the series B funds will be used to expand its team and enhance its VR and AR technology, as well as an autonomous driving system it is developing.
SenseTime co-founder Xu Bing said: “51HiTech is a VR firm that has established a mature production base and business model. The combination of VR and AI will be significant in expanding the use of these technologies.
“With the strategic investment, SenseTime will further develop its technology ecosystem by obtaining more algorithm training for VR. SenseTime will also provide algorithm tools for 51HiTech to lead industrial innovations.”