Beijing-based augmented reality start-up Seengene Inc announced today that it has completed a RMB120 million (US$17 million) series A round from Legend Star, the early-stage investment arm of China’s Legend Holdings, Beijing Jinke Hightech & Innovation Ventures and Guyin Fund.
Individual investors including Lei Ming, Baidu’s co-founder and some unnamed former Xiaomi executive also participated in the round.
Founded in 2016, Seengene develops AR software, hardware such as AR glasses and a cloud-based platform. It mainly provides 2B products and services to entertainment, retail and security industries. For example, its technologies are used in museums and tourist attractions to provide tour guides, and online shopping, as well as facial and car plate recognition.
The company said it booked revenues of tens of millions of RMB last year and expects revenues to grow five times this year. Its customers include The Old Summer Palace, China Sicence and Technology Museum, Overseas Chinese Town, Dalian Wanda, Xiaomi Inc. and Huawei.
Proceeds of this round will be used for research and development expansion and product development. The company is also seeking to raise the next round of funding worth over US$50 million in early 2019.
In April 2017, the company raised a pre-A round worth of about RMB10 million (US$1.5 million) from undisclosed investors.