China-based augmented reality technology developer Sight Plus has raised almost RMB100m ($15m) in a series A round led by automotive data provider Autohome, China Money Network reported today.
Sight Plus is developing technology that enables developers to create mobile apps with AR features built into them. Its technology is utilised by corporate clients in industries such as advertising, financial services and education.
The funding will be used to expand the technology into new fields. Autohome made the investment as part of a strategic partnership agreement that will involve it using the company’s technology to help its mobile users virtually view and test out cars through its platform.
Autohome vice-president Zhang Jingyu explained: “63% of customers make decisions based on appearance when purchasing a car. AR technology could make online vehicle displays far more detailed for car manufacturers and car dealers.”
Sight Plus had previously received $6m from venture capital firm Green Pine Capital Partners in February 2016, according to China Money Network.