China-based home entertainment technology manufacturer XGimi Technology raised more than RMB600m ($95m) from investors including internet group Baidu on Monday.
Matrix Partners China, Sichuan Culture Industry Equity Investment Fund, Sailing Capital, Bojiang Capital, Pan-Lin Asset Management, Luxin Venture Capital Group and Jirui Capital also participated in the round.
XGimi produces high-definition widescreen projectors that can project television programming on to a user’s walls, creating a display that is up to 300 inches in size. They can also connect to mobile devices for gaming and speakers for music streaming.
The funding will be used to beef up the company’s research and development activities as it looks to further develop screenless TV technology.
Baidu had previously led XGimi’s last round, a series C round of undisclosed size that closed in November 2017, through corporate venturing unit Baidu Ventures. It is now the largest shareholder in XGimi after the company’s founders.
The company received approximately $16m in series A funding from unnamed investors in 2014 before online streaming provider Mango Media invested $48m in a 2014 pre-series B round, according to Marbridge Consulting.
Metal product maker and entertainment provider Zhongnan Red Cultural Group, Shenzhen CDF-Capital, Shanghai Dingfeng Asset Management and Shenzhen Lishi Investment subsequently supplied $18.5m for XGimi in April 2016 at a valuation of about $230m.
– Image courtesy of Chengdu XGimi Technology Co., Ltd.