Shenzhen Arashi Vision Co., Ltd., (Insta360), a renowned China-based pioneer of 360-degree camera technology, has reportedly raised $30 million in its latest Series C+ funding round, which saw participation from a number of Chinese investors including Huajin Capital, Everest Venture Capital & MC Holdings.
Reports cite, the latest Series C+ funding round comes as the Shenzhen, China headquartered company is on its way to go public in China through an IPO that is scheduled to be launch in 2020.
According to a report by CNBC, the proceeds from the latest funding round would be allocated to the company’s research & development unit for the development of artificial intelligence (AI) based products. Moreover, some of the capital would also be going towards the launch of the company’s brick & mortar stores across the UK, Japan, Germany, the U.S. and tier 1 cities in China.
Some of Insta360’s previous investors include Qiming Ventures, IDG Capital, file-sharing service provider Xunlei and home appliance manufacturer Suning Holdings Group. The company began manufacturing 360-degree cameras back in 2014 when its founder Liu Jingkang found a gap in the market for easy-to-use, compact 360-degree cameras that could record high-definition footage.
Over the past couple of years, Insta360 has evolved into a lucrative four-pronged business that can cater to all sorts of requirements; ranging from action cameras designed to cover sporting events and 360-degree cameras designed for amateur users as well as professionals to smartphone accessories for an array of different smartphones.
According to reports, the camera company has declined to disclose the company’s valuation after the latest funding round.