China-based virtual-reality (VR) headset producer Baofeng Mojing has secured RMB230m ($35m) in series B capital from a consortium featuring film production company Huayi Brothers, China Money Network has reported.
The round was led by investment manager Citic Capital and also included venture capital firm Green Pine Capital Partners. The transaction values the company at $213m.
Formed as a subsidiary of video streaming platform Baofeng, Baofeng Mojing produces a headset into which users can slide their smartphone to turn it into a VR device that lets them watch films and play normal, as well as augmented reality games.
The company claims to have sold 500,000 headsets since September 2014. The headsets retail at prices between $10 and $27.
Huayi Brothers took part in a $10m series A round in April 2015 alongside musical instrument supplier Tian Yin and mobile communications services provider Aisidi. Green Pine Capital also contibuted cash to that round.
– Image courtesy of Baofeng Mojing