(Yicai Global) Feb. 28 — A unit under Beijing Bytedance Technology Co., which runs Chinese news aggregator Toutiao, has taken over as the sole investor of virtual reality developer Vscene Video to make its first foray into VR technology as it furthers its presence in the live-streaming sector.
Beijing Vscene Video Information Technology Co. now lists Beijing Shanxing Technology Co. as a solitary investor in its company information, online news agency PencilNews reported without elaborating on the deal. The company also names Liang Rubo, ex-technical director at Toutiao and college roommate of its founder Zhang Yiming, as its legal representative.
Toutiao has been expanding into live video since the end of last year, with investments in Cheetah Mobile Inc.'s Live.me, US-based social entertainment platform Musical.ly and Shenzhen Myotee Science and Technology Co., which developed camera software Faceu.
Vscene was founded in 2016 and offers technology for the capture and encoding of virtual reality videos. It has already unveiled VR live-streaming software VliveStudio and a VR panoramic camera, VliveCam. It is working on VR video stitching software and other products.