Film production company Huayi Brothers, musical instrument supplier Tian Yin and mobile communications services provider Aisidi have backed a $10m series A round for China-based virtual reality headset maker Baofeng Mojing, Tech in Asia reported yesterday.
Green Pine Capital Partners also participated in the round, which valued the company at more than $50m. The investors collectively took a 19% stake.
Baofeng Mojing, a subsidiary of video streaming site Baofeng, markets a headset which users can insert their smartphone into in order to use it as a virtual reality device. Consumers can watch videos, play games or remove a panel to use the smartphone’s camera for augmented reality games.
The headset is in its second generation, and retails at RMB 99 ($15) making it one of the cheapest such devices currently available on the market.