LeVR, the virtual reality (VR) division of Chinese tech giant LeEco, is in a new round of financing worth RMB 300 million (USD 45 million).
Details have not been confirmed, but this financing round is probably led by a fund wholly owned by LeEco shareholder, China Bridge Capital. With this financing, the valuation of LeVR will reach RMB three billion (USD 448 million).
LeEco launched its VR strategy along with its first VR headset, LeVR Cool1, in December 2015. Its Google Cardboard-like headset needs a smartphone and LeVR’s VR app to provide a VR experience.
LeEco aims to make its app the biggest VR content platform. The technology used in the app is based on LeEco’s cloud. Its VR content includes films, concerts, tourism and games. This content can benefit from other sectors of LeEco’s ecosystem, including Le Vision Pictures, LeSports and its music unit.
Besides producing VR content, LeVR can also profit from its offline VR experience services. Since this Tuesday, people can pay to experience its VR products in LeEco’s stores, LePar.
Chinese VR device maker Baofeng Mojing was valued at RMB 1.4 billion, after its Series B financing in January. LeVR will replace it as the most valuable VR company in China with this new financing.
(Top photo screened from LeEco)