According to the
latest news, LetinVR, a VR startup, acquired 31.5m RMB in Pre-A from three
listed companies – Huace Media, KDX and Baihe.com. It transferred 15% shares in
total. In 2016, LetinVR will focus on VR entertainment and VR live layout,
involving movie, variety show, reality show, concert and so on. The company also
said that it had large sports VR live system, 3D real time sound technology, VR
movie producing plan, panoramic aerial video solution and so on.

Financing
details are as followings:

1.      Huace Media added its own 14.7m
RMB capital to LetinVR. After this, it will own 7% of Letin VR’s share.

2.      KDX acquired 73,530 yuan of new
capital with 10.5m RMB, taking up 5% of the registered capital after the
increase.

3.      Oriental Vison acquire 29,412
yuan of LetinVR’s new capital with 4.2m RMB, taking of 2% of the registered
capital after the increase.

4.      Baihe.com invested 2.1m RMB,
acquiring 1% of its share.

In June 2015,
LetinVR acquired millions dollars of capital from Huawen Media with 15.6%
shares. LetinVR was founded in September 2014.

According to
Huace Media, with VR technology developing, it’s a must for VR to combine with
film and entertainment. VR contents are interactive and immersive, which will
change narration and expressive, and bring innovation to the film and TV industry.
VR is a long-term plan of the company. LetinVR will actively use platform
advantages, help with advanced technology layout, and lead content innovation.

LetinVR is
committed to the AR/VR video content innovation and implementation. It has
advanced AV/VR content production, broadcasting, and live back-off system. With
relevant managing experience based on the Internet, it also offers leading
products and service in the industry. In 2015, it created the first domestic VR
movie – Chosen, the first domestic MV of VR version –Dare, and the first domestic VR reality show—Battle for Honor

With new capital,
as an important partner in VR, LetinVR will put VR technology into contents
production through SIP content + VR. Also, it will explore new content, new
mode and new consumption.Hidden Singer,the
company’s first variety show in 2016 has cooperated with LetinVR to initiate VR
mobile version and try to bring new entertainment experience to the audience.

But the risk is
that domestic VR industry is still in its early development period. Its future
is unclear and the lack of industry chain requires a long time of improvement.
Additionally, the business is also immature.