Former Autodesk Director Wang Lifeng Joins 51HiTech As CTO

Wang Lifeng, a visual technology expert who previously worked as a director at Autodesk Software (China) Co., Ltd., and a researcher at Microsoft Corporation, has joined 51HiTech, a Beijing-based virtual reality and augmented reality start-up as chief technology officer, according to the firm’s announcement on its WeChat account.

Chinese Investors Love AR/VR With $1.2B Spent On Funding Deals

Last year, China-based investors participated in 36 deals totaling US$1.2 billion in disclosed funding in the virtual reality (VR) and augmented reality (AR) field, which translates to 71% growth in deals and a 277% boom in aggregated funding value. In possibly the clearest demonstration of Chinese interest in the fast-growing sector, 21% of all recorded AR/VR deals last year included a China-based investor, according to data from CB Insights.

IDC: AR/VR Global Revenues Will Expand To $162B In 2020

Worldwide revenues for the augmented reality and virtual reality (AR/VR) market will grow from US$5.2 billion in 2016 to more than US$162 billion in 2020, according to a new report released by the International Data Corporation (IDC).