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July 22, 2016

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VC funding draws new players into VR and AR

VENTURE capital firms have invested US$3.5 billion globally in virtual reality and augmented reality industries, drawing new players like PPTV and Caixin to develop new devices and applications, Shanghai Daily learned at an industry forum yesterday.

The VR and AR sectors embrace games, entertainment, retail, education and health care, and will be seen as the “next reality” after smartphones, said Xu Jingcheng, a venture capitalist from Draper Dragon.

The venture capital firm and its partners have invested in more than 40 VR and AR companies, including several from China, Xu told a VR/AR forum held by investment firm JIC Group.

PPTV, a subsidiary of Suning, debuted a 5.5-inch screen VR device which features 100-degree viewing angle and advanced sensors that offers users VR experience at a price of 699 yuan (US$105).

As one of the top video service providers, PPTV has more than 10,000 VR films and updates its library regularly.

Major companies, including Siemens, Boeing and some automakers, have constructed digital factories with VR functions, speakers disclosed at the forum.


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