IQiyi Intelligent, a virtual reality (VR) device maker spun off by China-based video streaming platform iQiyi, raised hundreds of millions of yuan (RMB100m = $15.5m) of series B funding on Tuesday.
The round was co-led by private equity fund Yitang Changhou Fund and venture capital fund Fresh Capital.
Formerly known as iQiyi Intelligence, IQiyi Intelligent was incubated by iQiyi in 2016 and provides VR and augmented reality products such as headsets, game consoles and home cinema equipment.
The funding will be used for research and development on VR technology in addition to investing in iQiyi Intelligent’s VR content such as films and television series.
The company had raised $14.2m in series A funding from private equity firm Addor Capital and investment firm Betrust Capital in late 2019. It had received an undisclosed amount of pre-series A funding from CSC Financial, IDG Capital and Liangjiang Capital the year before.
Xiong Wen, iQiyi Intelligent’s CEO, said: “We will increase our investment in independent technological innovation to create an excellent VR product and our technology will usher in the next generation of computing platforms.”