(Yicai Global) Aug. 17 -- Chinese augmented reality startup HiScene Information Technology Co. has raised nearly USD15 million (CNY100 million) in its B-round financing, led by Suodao Capital with support from Sincere Capital, Star Capital and Meitu Inc. [HKG:1357], the developer of China's most popular selfie-editing mobile app.
The Shanghai-based firm received tens of millions of yuan from Meitu and GGV Capital during earlier funding rounds.
HiScene will spend the proceeds on technology and product development, sales network expansion in smaller cities and rural areas, scenario-based applications, and the development of solutions for expediting product commercialization, Jiemian News reported on Aug. 15, citing Liao Chunyuan, chief executive.
The company specializes in AR software and hardware technology. Its products include HiAR, a technology infrastructure platform, and augmented reality device, HiAR Glasses, with the former identified as one of the company's core technologies.
Hundreds of clients use their products, including Baidu Inc. [NASDAQ: BIDU], Alibaba Group Holding Ltd. [NYSE: BABA], Tencent Holdings Ltd. [HKG:0700], Autohome Inc. [NYSE: ATHM], Meitu, Oppo, Zoomlion Heavy Industry Science & Technology Development Co. [SHE:000157, HKG:1157] and Kohler Co.
Augmented reality startups are more popular in the Chinese capital market compared to virtual reality businesses. Other AR firms such as Shadow Creator, Realmax and Oglass have also successfully completed funding rounds in recent months, with values ranging from several tens of millions of yuan to CNY200 million.