Beijing-based VR startup lands a USD 1.5 M angel investment

Phantom VR, a newly-established VR (virtual reality) game developer based in Beijing, received almost RMB ten million (USD 1.5 million) in angel round financing, NetEase’s tech channel reported on Friday.

This round of funding was led by investment fund Hejun Capital and VR platform provider Magical World, followed by online game developer TipCat Interactive.

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Founded last November, Phantom VR is committed to the research and development of games as well as the construction of offline VR venues. The company mainly focuses on the business to business (B2B) gaming market, providing VR content and technical support to offline VR experience shops. Phantom VR makes a profit mainly through software and hardware sales. The company hopes to build a game player platform and expand their business to individual VR users in the future.

The construction of offline VR game venues is developing rapidly in China. More and more traditional offline entertainment operators are beginning to take some initial steps into the VR field. According to the third party research institution iiMedia, the market size of China’s virtual reality industry amounted to RMB 1.54 billion in 2015 and is expected to exceed RMB 55 billion in 2020.

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