Chinese video streaming service Baofeng announced yesterday that its VR subsidiary Baofeng Mojing has raised a US$10 million round. The round’s investors were film company Huayi Brothers, music company Tianyin, mobile firm Aisidi, and Green Pine Capital Partners. Collectively, the investors have taken a 19 percent stake in the company, meaning that Baofeng Mojing is valued at more than US$50 million.
Baofeng Mojing aims to provide users with an IMAX-like experience through its RMB 99 (US$15) headset. Users can insert their smartphone into the device to watch videos or play games in virtual reality, and one panel of the headset can also be removed to use a phone’s camera for augmented reality apps. It also comes with a handheld controller/remote. The device is already in its second generation, and it has surprisingly high reviews on ecommerce shops like JD and Taobao given its low price.
Virtual reality is an increasingly competitive field, but Baofeng Mojing appears to be a few steps ahead of the market in that its product is already available to consumers. It’s also one of the cheapest VR experiences on the market, and although it’s essentially just a souped-up Google Cardboard, customers seem to be enjoying it. It’s probably still quite a while before you’re likely to see someone on the subway wearing a getup like this, but Baofeng Mojing appears to be carving out an early spot for itself in China’s emerging VR landscape.
(Source: Sina Tech)
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