HiScene, a China-based augmented reality (AR) product developer backed by IT services provider Myeg, completed a RMB250m ($35m) series C round led by the multi-corporate-backed Yangtze River Delta Collaborative Advantage Industry Fund yesterday.
Investment firm Panxi Capital took part in the round, together with unnamed existing and new shareholders.
Yangtze River Delta Collaborative’s corporate backers include financial services provider Shanghai International Group, insurance group China Pacific and airport operator Shanghai Airport Authority, according to Yicai Global.
Founded in 2012 and officially known as HiScene Information Technology, HiScene develops AR products for use in areas including smart manufacturing, public security and enterprise operations, employing smart glasses and cloud-based software to give the user visual prompts.
The company’s products include an AR crime prevention interface that is utilised by law enforcement agencies, and an entertainment product that uses smart glasses and AR overlays to give the impression of interaction with virtual objects.
HiScene recently launched a smart glasses-enabled occupational assistant called HiAR Workshop and will use series C funding to build up the product’s market appeal.
The series C round comes three months after HiScene closed a $32.4m series B round with a $17.1m extension backed by Myeg’s corporate venturing unit, Myeg Capital, in addition to Ondine Capital, Junsan Capital and Chuangtu Investment.
Image-based social media company Meitsu backed the round’s $14.9m first tranche, which was led by Shanghai Cableway Investment and backed by Sincere Capital and Vstar Capital, in August 2017.
HiScene had previously received an undisclosed amount of series A funding from Meitu, before adding an eight-figure renminbi amount in a series A-plus round that included GGV Capital, according to China Money Network.