Kujiale, a Hangzhou-based home decoration and design platform utilizing virtual reality (VR) technology, has closed a series D+ round of financing led by the country’s private equity firm Hillhouse Capital Group.
Existing investors Shunwei Capital and GGV Capital also participated in this round, which without financial details disclosed but brings the company into the unicorn club at a valuation of US$1 billion, according to a statement released by Shunwei Capital on its WeChat official account.
Founded in 2011, Kujiale is a home design platform powered by its cloud rendering technology. Its online tools can realize "what you see is what you get" panoramic VR design effect to users. The platform takes five minutes to generate home design plans, and ten seconds to generate renderings, which can be then turned into VR images with just a simple click.
The company now builds an ecosystem to connect global designers, home appliance brands, decoration services, and consumers, providing integrated solutions including design, marketing, manufacturing, management, and supply chain. Kujiale’s platform has over 20 million registered users, more than 6.5 million designers and over 14,000 home appliance cooperating brands as of June 2019.
Proceeds of this round will be used to increase investment in research and development of software products, and enhance the company’s ability to provide digital solutions for home decoration companies as well as upstream and downstream of the industry chain.
The company raised a US$100 million series D round of financing led by Shunwei Capital in March 2018, and reveived tens of millions of US dollars in a series C round led by GGV Capital and Hearst Corporation in November 2016. It also raised a US$10 million series B round led by GGV Capital in May 2014, after it secured US$2 million from IDG Capital in May 2013.