Qiming Venture Partners has led a series B round worth around US$10 million in Hypereal, a Shanghai-based visual reality headset developer, according to a company announcement.
Founded in 2015, Hypereal was noticed by the industry after it released its first product Pano, a HTC Vive like visual reality headset, during the China Digital Entertainment Expo & Conference in 2016.
The product provides high resolution, organic light-emitting diode (OLED) display and 90Hz refresh rate, similar to Rift, a product developed by Facebook's Oculus. It also has a positioning system similar to Vive's Light House Positional Tracking, which allows room-scale tracking using laser.
"Visual reality and augmented reality industry is one the most promising industries in the next ten years. The experience which was brought by visual reality is unique," said Ye Guanqin, a partner at Qiming Ventures. "We think Hypereal is one of a few companies that have the ability to develop both software and hardware. We are confident with the future of the company."
The VR industry in China has experienced rapid growth since the beginning of last year, but cooled off during the second half. A total of 36 deals with US$1.2 billion in disclosed funding were completed by China-based investors in VR and AR field in 2016, according to Chinese media reports.
In January, China National Tourism Administration teamed up with HTC Vive, and a Chinese online travel company to launch a virtual reality-enabled digital travel platform. Last year, another VR headset maker Baofeng Mojing raised a RMB230 million (US$35 million) series B round led by CITIC Capital Holdings Ltd.
Hypereal previously received tens of millions U.S dollars from SIG in 2015. It plans to use the latest proceed to further invest in the research and development, aiming to provide a global leading VR solution.