Chinese investment firm, Shanghai Cableway Investment, has led a series B investment round of nearly RMB100 million (US$14 million) in HiScene, a Beijing-based start-up developing hardware and software products for augmented reality.
Sincere Capital, Vstar Capital and Chinese smartphone and selfie app developer Meitu Inc. also participated in the round, according to a company announcement.
Founded in 2012, HiScene operates a HiAR technology platform, consisting of a software development kit, cloud platform and management platform. It help AR companies build their own AR apps for the iOS, Android and Windows platforms. The product also has image recognition technology, as well as an AR headset and HiAR Glasses equipped with a small binocular stereo gesture camera.
The company’s products have been used by customers in the fields of education, healthcare and marketing. It claims its clients include Baidu Inc., Alibaba Group Holding Ltd., Tencent Holdings Ltd., Meitu and Autohome. Earlier this year, it partnered with Autohome to host an online AR car exhibition.
HiScene previously received tens of millions of RMB from GGV Capital and Meitu, respectively. It plans to use the latest proceeds to further develop its technology and products, as well as accelerate the commercialization of its products.