Friday, January 21, 2022

Xiaomi invests in VR-based firm founded by renowned Movie Director Zhang Yimou

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A Xiaomi-affiliated company, Hanxing Venture Capital, has just invested in a new firm. The company in question is involved in the VR (Virtual Reality) business and was co-founded by known movie director Zhang Yimou.

As per a PanDaily report, the VR company, Sky Limit Entertainment had recently added both the Xiaomi-backed investment firm and Intel Asia Pacific R&D Company as shareholders.

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As of right now, the company’s registered capital had increased by 75.7 million Yuan or 11.8 million USD. For those unaware, Sky Limit Entertainment is a VR-based service provider that integrates IP operation, content production, and digital real-life entertainment.

The firm was founded back in 2008, with its business scope including organizing cultural and artistic activities, stage lighting, and sound design, performance agent, and more.

Currently, the company’s prominent shareholders are Lenovo Capital, Mango Foundation, Weiyue Group, Intel, Zhang Yimou, and others. Notably, the movie director is well known for winning numerous awards and recognitions for his work in films like Hero (2003), Raise the Red Lantern (1991), and The Flowers of War (2011) amongst a few others.

The latest investment from the Xiaomi-backed firm joins its other investments in various fields like automobiles, autonomous driving technology, AR, VR, semiconductors, and more.

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A few examples are the investment in NIO’s battery supplier, autonomous driving tech developer Geometric Pal, and many more.

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