Chongqing iQiyi Intelligence Technology, an entertainment technology producer spun off from China-based video streaming platform operator iQiyi, has received RMB100m ($14.2m) in series A funding.
Private equity firm Addor Capital led the round, which included investment firm Betrust Capital.
Incubated by iQiyi in 2016, iQiyi Intelligence designs and manufactures augmented reality (AR) and virtual reality (VR) devices such as headsets and home cinema equipment that enhances access to iQiyi’s online content across areas like films, television series and games.
The company will use the series A funding to improve its existing technology and bolster marketing. It also intends to develop additional products and services to complement its current VR and AR offering.
Xiong Wen, chief executive of iQiyi Intelligence, said: “The key issue of VR/AR development is to understand whether technology research could fully address the core needs of the industry and users.
“By leveraging its unique content creation and technological innovation capabilities, iQiyi has made a strong presence in the field of films and TV dramas, gaming, variety shows, education and animation.”
CSC Financial, IDG Capital and Liangjiang Capital had provided an undisclosed amount of pre-series A funding for iQiyi Intelligence in July 2018, according to business data aggregator Tianyancha.
