China-based panoramic camera producer Insta360 has secured $30m from investors including retail group Suning and cloud services provider Xunlei, CNBC reported on Tuesday.
Venture capital group IDG Capital also took part in the round, as did Huajin Capital, Qiming Venture Partners and MG Holdings.
Founded in 2014, Insta360 has developed a camera that plugs into smartphones and tablets to facilitate high-definition 360-degree video recording, enabling users to edit the videos through their mobile devices.
The company’s hardware can be used to create virtual reality content and to capture rapidly paced sporting events. It plans to file for an initial public offering in mainland China in 2020, Insta360 founder and chief executive Liu Jingkang told CNBC.
Proceeds from the round will be used to expand Insta360’s research and development activities, with a focus on upgrading the artificial intelligence (AI) capabilities of its software and hardware. It is also looking to launch a new product later this year, Jingkang said.
Arashi Vision, Insta360’s parent company, closed an eight-figure renminbi (RMB10m = $1.5m) funding round in August 2016 featuring Suning, according to China Money Network. It had received a nine-figure renminbi sum earlier the same year, in a round led by Xunlei and backed by IDG Capital, Qiming and Frees Fund.
The company had initially secured $1m in seed capital from IDG Capital in 2014, before collecting $8m in a 2015 series A round featuring Qiming and IDG Capital.