LeVR, the virtual reality technology subsidiary of China-based internet group LeEco, is raising RMB300m ($46m) in funding led by an unnamed unit of investment bank China Bridge Capital, China Money Network reported today citing local media.
Should the round, which values LeVR at more than $460m, reach its target size it will represent the single largest venture round in the VR sector in China. The current record holder is Mojing, which secured $35m in January 2016.
LeEco initiated its virtual reality operations in April last year, launching a headset manufactured by a third-party producer. It released its own headset, intended to be used with smartphones, in December 2015, but LeVR’s focus is on VR content production and distribution.
China Bridge Capital previously acquired a 5.4% stake in LeEco by purchasing 100 million shares from founder Jia Yueting in October 2015.
The firm contributed to a RMB1bn funding round for LeEco’s cloud computing division in March this year alongside several financial services providers, and jointly established a RMB10bn M&A fund with the technology provider.
– Image courtesy of LeEco