CITIC Capital Leads $35M Series B In Chinese VR Headset Maker

Chinese virtual reality headset maker Baofeng Mojing has raised RMB230 million (US$35 million) in its series B round led by CITIC Capital Holdings Ltd., according to Chinese media reports.

Other investors including Chinese film production firm Huayi Brothers and Green Pine Capital Partners also participated in the round, which values the start-up at RMB1.4 billion (US$213 million).

Founded in 2015, Baofeng Mojing is backed by Shenzhen-listed online video firm Beijing Baofeng Technology Co.,Ltd.

The company received US$10 million series A round last April.

Baofeng Mojing claims to have sold 500,000 headsets, which are priced between RMB69 (US$10) to RMB179 (US$27), since launching its first product in September 2014.

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