Easyxr Advanced Tech, a Chinese augmented reality (AR) and artificial intelligence (AI) start-up, announced on Monday that it has raised over RMB100 million (US$14.46 million) in its first round of financing led by Oriza Seed Venture Capital, an early-stage investment unit of China’s Oriza Holdings.
Investors including Chinese venture capital firm Toutoushidao Fund and a Zhejiang-based investment firm also participated in the new round.
Founded in 2018, Easyxr is backed by the AI division of Chinese internet technology giant Netease. The start-up has attracted a total of nearly one billion users by delivering Netease’s main internet products, serving an average of about 80 million people per day during peak periods.
"Amid the digitization of the physical world and the iteration of next-generation communication technology, we are optimistic about the [future] wide application of big data-powered AI technology and multi-sensor data fusion AR technology," said Yue Jinxin, partner of Oriza Seed Venture Capital.
With this round of financing, Easyxr will increase investment in the research and development of its AR and AI technology. The company will also continue to build high-quality AR content capabilities and advanced data intelligence, with an expectation to merge them with the 5G technology.
Oriza Seed Venture Capital is a market-oriented investment platform looking for investment opportunities among early-stage and growth-stage enterprises in the fields of healthcare and TMT (technology, media, and telecom). The firm is actively investing in China’s AI industry, backing companies including Cambrian, CloudWalk Technology, WeRide.ai, BR-Robo, and Momenta.