China VR companies scores millions in funding

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The nascent Chinese virtual reality market continues to attract millions from venture capitalists. Last month more than a dozen Chinese VR startups raised funding in excess of at $1.5 million each. In addition, more than 60 listed Chinese companies have entered the VR industry since July last year through investments in VR startups that manufacture hardware and develop content for the VR consumer market, reports the South China Morning Post (SCMP).

The Ministry of Industry and Information Technology (MIIT) has published a white paper which predicts that the VR consumer market will explode within a year in China. The market size of China’s VR industry will triple this year to $873 million from $237 million last year, according to the document.

One sign of the growing momentum of the China VR market is the recent $75 million investment made by in a third round financing of Razer. The two companies will cooperate in the virtual reality sector, with supporting the development of Razer's VR business and its research and development in smart hardware while Razer will help to build its overseas business.

Also in March, Chinese wearable device maker Bong announced that it received $ 5million in funding and announced that it would be starting to manufacture VR devices. The investment was led by Yinjiang Venture Capital, reports the SCMP, quoting SCMP also reports that in mid-March the smart home theatre provider JmGO announced a $92 million investment deal led by Golden Brick Capital and the Zhongjin Qianhai Fund.

On 16 March, VR panoramic camera company Insta360 announced that it had raised a series B investment of tens of millions U.S. dollars. The exact amount was not disclosed. The company claims that its Insta360 Nano, targeted at the low-end market, is probably the smallest spherical camera to date. Insta360 has also concluded a strategic partnership with Youku, the biggest video site in China.

Most recently, VR game developer, Phantom VR, has received more than $1.5 million from angel investors. The funding round was led by investment fund Hejun Capital and VR platform provider Magical World.

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