Chinese Virtual Reality firm LeVR Technology to Receive $45 Million in Latest Round of Funding: Report
|Girish Shetti |||Jun 27, 2016 10:07 AM EDT|
(Photo : Getty Images) Virtual reality technology is expected to take the spotlight at the ChinaJoy Expo.
LeVR Technology Ltd, the virtual reality division of Beijing-based LeEco Holdings Co Ltd, is reportedly set to receive funding amounting to more than 300 million Yuan ($45 million). The funding is led by Beijing China Bridge Capital Management Co Ltd.
Once the investment formalities are completed, the valuation of LeVR is likely to reach to about 3 billion Yuan ($451 million), making it the highest valued virtual reality firm in China. This coveted title is currently held by Baofeng Mojing, currently estimated at 1.45 billion Yuan.
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Officials from LeVR Technology have refused to comment on the news, stating that the funding formalities are still in process.
Beijing China Bridge Capital has close ties with LeEco Holdings since the company already owns a minority stake in LeEco Holdings. Both companies have also created a special 1 billion Yuan ($150 million) fund to invest in LeEco's cloud computing business. Additionally, the two companies have set up a special acquisition fund of 10 billion Yuan ($1.5 billion) to acquire promising companies engaged in virtual reality and other businesses.
The news of LeVR Technology receiving a fresh round of funding is important as China's nascent VR industry has been witnessing stupendous growth this year. According to global market consulting firm Analysys International, in the current year, hardware, software, and other related services in China's VR industry will grow at an exponential rate of 372.2 percent.
Technology consultancy form Canalys also predicts that total shipments of VR headsets will reach 6.3 million units by the end of current year, out of which 40 percent will be contributed by China alone.
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