China-based augmented reality (AR) technology startup Seengene closed a RMB120m ($17.5m) series A round that included Legend Star, an early-stage fund owned by conglomerate Legend Holdings, China Money Network reported today.
The round also featured Beijing Jinke Hightech & Innovation Ventures and Guyin Fund as well as private investors including Ming Lei.
Seengene has developed AR glasses and an attached cloud software platform for clients operating in areas such as the entertainment, security and retail industries.
The technology is used for applications such as a virtual tour guide in museums or for facial and number plate recognition by law enforcement agencies. Seengene plans to invest the funding in research and product development.
The series A round comes after the company secured approximately $1.5m from undisclosed backers in an April 2017 pre-series A round, according to China Money Network, which also reported that it intends to raise more than $50m in another funding round next year.
– Image courtesy of Seengene Tech Inc.