PRESS RELEASE — SHANGHAI, June 17, 2022 /PRNewswire/ — DPVR, a Shanghai-based company specializing in virtual reality (VR) device design and manufacturing, recently announced that it had raised multimillion dollars in funding. The round was led by Huaqiang Equity and previous investors: Qianyi Equity and Lianxin Funds Management company, which was funded by Union Optech(300691.SZ). To keep its strengths in the VR market, DPVR plans to use the funds to advance its core technology, new product development and hire more tech talents.
In recent years, VR has been constantly updated and iterated rapidly on chips, displays, and data transmission. Since the metaverse concept exploded, the industry has become even more competitive. DPVR has focused on designing and manufacturing VR headsets for seven years. Despite hundreds of technology patents it owns, it does not slow down its pace. In 2015, it was founded to focus on VR headsets; in 2016, it released the world’s first mass-producible standalone VR headset M2; in 2018, it launched the first PC-VR E3 Polaris with laser 6DoF positioning technology. In 2021, DPVR released Qualcomm Snapdragon 845-based standalone VR headset P1 Ultra-4K. In June 2022, DPVR announced that it would enter the mass market with the launch of a new generation 6DoF gaming VR headset based on machine vision technology, bringing users a superior “metaverse” interactive experience.
Huaqiang Equity is now focusing on AR/VR industry, intelligent manufacturing, new energy vehicles, aerospace, industrial software, new materials, and other technology fields. It has made investments across the whole AR/VR industry chain. This time, investing in DPVR will perfect its metaverse strategy. DPVR will also fully take advantage of its resource to reach more cooperation with content creators and supply chain partners. Although the investment process was not that fluent due to Shanghai’s lockdown and previous investors, the delivery was accomplished with the full collaboration of both existing and new shareholders.
The Co-founder of Huaqiang Equity, Yu Chen, said: With the breakthrough of interaction technology, 5G, XR chip, optical module, and other related complex technologies, VR hardware has gone through the “0 to 1” technology pioneering stage. The content ecosystem is even more mature, and it is now accelerating development with the positioning of consumer electronics. In addition, other related concepts and industries such as Web3.0, NFT, new consumption of metaverse, virtual social, virtual human, etc., are also rapidly developing. As a “metaverse” infrastructure builder, DPVR has a long-term investment and advanced strategy in headset hardware and critical core technologies, a stable and mature supply chain system, and excellent mass production capabilities. All of which are expected to keep DPVR at the forefront of the industry and drive the steady growth of the “metaverse” market worldwide.
Dong Long, investment director of Huaqiang Equity, added, “DPVR has experienced the industry ups and downs since 2015. It still kept the same vision and persistence for the VR sector.” The hardware in the VR business is currently developing and maturing, while the introduction of spectacular VR games is driving the richness and wealth of VR content. I believe, shortly, DPVR will be able to introduce a competitive VR headset and achieve significant success by drawing on years of VR expertise and constant R&D innovation.
QIANYI Equity and LSCF invested in DPVR in 2021, and this increase reflects their sustained belief in the “metaverse” development potential and the technological benefits of DPVR products.
Sunny (Chaoyang) Chen, the founder of DPVR, stated that our team keeps fulfilling its responsibilities and has been working on value creation for a long time. We may be foolish birds, but we have the ambition to soar higher. DPVR, as a vital role in the Chinese VR industry, has serviced many early VR gamers over the last seven years, with the initial purpose of improving virtual reality. The team has been through the mill for seven years and has been mature, stable, and robust. DPVR 6DoF gaming headset will be available shortly for elite gamers worldwide, offering users a superior VR experience. Relying on the core gaming community, DPVR will give more specialized product options for global gamers, empower global partners, and provide high-quality export products from China to the globe.