- General
- August 1, 2018
- 4 minutes read
Pico Interactive raises $24 million for its VR hardware to take on major companies
Pico Chinese VR hardware manufacturer Pico Interactive has closed what is its first official funding round nabbing $24.7 million in…
Pico
Chinese VR hardware manufacturer Pico Interactive has closed what is its first official funding round nabbing $24.7 million in investment from 3 Chinese firms to put more resources into delivering its products competing with the likes of Oculus and Google in the VR market.
This funding round was co-led by GF Qianhe and GF Xinde Investment with additional participation from Jufeng S&T Venture Investment among others as stated by Pico.
Pico which launched 3 years ago has already unveiled 2 VR headsets in addition to an interactive 3D imaging sensor dubbed the Neo, Goblin and Zense respectively in addition to the company offering a digital store where users can purchase where users can purchase from a collection of a good number of games, videos and interactive experiences created by other users for buyers of its VR headset.
Pico
Pico is also actively taking on the B2B side of the VR market having inked partnerships with the likes of Toyota, Volkswagen, China Life and Mengniu getting the Beijing based 300 employee startup’s VR hardware into the fields of real estate, medicine, automotive, education, insurance and several other fields.
According to its CEO Henry Zhou “Pico will keep focusing on all-in-one VR and will also increase its investment in 3D sensing (TOF) and AR technologies in the near future. In the future, Pico hopes to become a portal-level AI vision company through the layout of VR+AR+TOF technology and products.”
Pico currently holds over 600 domestic and overseas authorized patents related to the VR field in total and has unveiled another headset dubbed the G2 notably built on Qualcomm’s 835 chipset and running on HTC’s Vive Wave platform set to be released in China as it plans to gain more customers for its VR hardware ecosystem.
Pico Interactive has long been focused on standalone VR headset platforms which has given the startup quite an edge in the VR space which is dominated by major and heavily funded companies as several price cuts in order to keep up with competition has led to smaller margins in the industry which comes as a disadvantage for small startups to keep up with.
The 3 year old startup is also notable getting ready to unveil a new AR product sometime next year in its bid to stand as a full “VR+AR+TOF” technology company for global consumers.
