iQIYI's VR Startup Completes Series B Funding Round to Drive Innovation and Expand Content Ecosystem
Summary
This device is top-ranking in China in terms of interactivity and user-friendliness and is on par with other leading VR headsets produced by global tech companies.During Chinas Double 11 Shopping Festival in 2020, iQIYI Intelligent launched a "VR Discount Storm" which removed the barriers to entry for potential users by providing cash subsidies, an initiative that was met with an enthusiastic response. "After this round of funding, we will remain committed to our strategic goal of being a pioneer and leader of Chinas new VR entertainment ecosystem," said Xiong Wen, CEO of iQIYI Intelligent. "The speed of Chinas 5G rollout is unrivaled worldwide and as a key area of focus in the 5G era, the VR industry is expected to witness accelerated growth. "As the leading VR player in China and backed by iQIYIs huge content library, and with a core team that boasts extensive expertise both in Internet and hardware industries, iQIYI Intelligent has laid a solid foundation in key VR technology, product development and content resources. As iQIYI Intelligent perfectly fits our philosophy and investment logic, we hope that our partnership will create quality products, content, and services, ushering in a new VR ecosystem and delivering values and surprises to the industry and users alike."