Shenzhen Virtual Reality Technology, a China-based virtual reality (VR) device developer, has sold a 10.7% stake to touch screen panel manufacturer Shenzhen O-Film Tech for RMB60m ($8.7m), China Money Network has reported.
The startup’s backers include mobile games provider China Mobile Games and Entertainment Group and boutique investment bank China Growth Capital.
Founded in 2014, Shenzhen Virtual Reality Technology’s main business is making virtual reality headsets. Its 3Glasses model, launched in 2014, retails for RMB1,999.
The company raised RMB30m from investment firm Shenzhen Co-Win Venture Capital in 2014.
O-Film Tech, which was established in 2001 and whose products include compact camera modules, used in smartphones and tablets, and infrared cut-off filters, used in solid-state video cameras, acquired the stake in Shenzhen Virtual Reality to expand into the VR headset market.
As part of its investment, O-Film Tech will appoint a board member to the company, China Money Network said, citing a disclosure filing.