VR panoramic camera company Insta360 told AllChinaTech on Wednesday that they have landed hundreds of millions of RMB in a round of Series B financing led by Chinese download management and cloud computer technology company Xunlei.
Other investors in this round of funding include Qiming VC, a previous investor in Insta360, and FreesFund.
According to the terms of the investment deal, Xunlei will not only provide financial support but will also promote in-depth cooperation with Insta360 especially in cloud computing and video content development.
“We hope that our company will develop further cooperation with Xunlei because both companies are cherishing the same idea of creating technological innovation,” said Liu Jingkang, the founder and CEO of Insta360.
He also revealed that his company will increase capital input in R&D and talent recruitment.
Xunlei has recently had a special channel on its video player showing Insta360’s virtual reality content, which represents a good start for their partnership, according to a source at Xunlei.
As the trendy topic of VR technology is being discussed everywhere in China, Chinese capital funds and companies are deploying their business into the VR industry. Xunlei is among these companies and previously invested in the leading Chinese VR devices maker DeePoon last December.
In 2014, Shenzhen-based Insta360 was founded by Liu Jiangkang. His hope for the company was to bring users a different and more exciting camera experience with a panoramic VR perspective.
Before the latest investment, Insta360 received an angel investment of one million dollars from IDG Capital in May 2014, and eight million dollars in Series A financing from Qiming VC in March 2015.
(Top photo from newhua.com)
