(Yicai Global) May 8 -- Chinese augmented reality product and service provider HiScene has closed B+ series funding worth CNY120 million (USD17.7 million),
The round will bring more global resources from the industry chain to the Shanghai-based firm, and speed up the commercialization of its products and services, reported tech news outlet 36Kr. The latest financing brings total B-round funding to CNY220 million.
This round's new investors include MYEG Capital, Ondine Capital and Junsan Capital, while previous participant Meitu known for its selfie editing software again invested.
Founded in 2012, HiScene's products include AR tech and communication platforms and smart glasses covering industry, public safety, education and marketing. It serves over 500 institutions and companies, including Gree Electric Appliances, SAIC Motor, Unilever and the Chinese police force.
The AR industry will gain greater opportunities as the age of the fifth-generation wireless technology arrives, said Liao Chunyuan, the company's founder and chief executive. The company has worked closely with telecoms carriers to explore the commercial use of 5G plus AR since 2017. It joined hands with China Telecom and Huawei to start the 5G AR telemedicine test in April, Liao added.
AR equipment is expected to become the next-generation computing platform after mobile phones. Both basic technology research and development and market demand are steadily rising, and HiScene as a platform company with an optimistic outlook, according to a statement from MYEG Capital.
Editor: William Clegg