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Pico Raises $24.7M Series A Funding

       
SAN FRANCISCO, CA, Pico, a provider of virtual reality solutions, has secured $24.7 million in Series A financing.
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VR industry leader Pico has completed round A financing. The funding is Pico's first public financing since its establishment in 2015. Pico's current financing round is $24.7 million (equivalent to RMB 167.5 million), led by GF Qianhe and GF Xinde Investment, and completed jointly by Jufeng S&T Venture Investment and others.

Pico is a leading VR manufacturer in China, focused on the field of all-in-one VR. In 2016, the Pico Neo DK, the world's first all-in-one VR headset based on Qualcomm's Snapdragon 820 platform, was released followed by the Goblin series, which became the most widely sold all-in-one in 2017. Pico Neo, the world's first 6 DoF all-in-one, was launched at the end of 2017.

Pico is also actively deploying on the B2B side, getting deeply involved in education, real estate, insurance, automotive, medical and other fields, and developing in-depth cooperation with well-known brands such as China Life, Mengniu, Toyota, and Volkswagen. Due to the in-depth study of VR interaction technology, Pico extended its direction of product technology to the field of computer vision. In 2017, the 3D sensing business unit Pico Zense was established based on TOF (time of flight) technology.

Currently, Pico holds 435 domestic authorized patents and 192 authorized (49 accepted) overseas patents. The team has more than 300 employees with offices located in Beijing, Qingdao, San Francisco, Tokyo, Barcelona and other countries and regions.

Pico CEO Henry Zhou said that "Pico will keep focusing on all-in-one VR and will also increase its investment in 3D sensing (TOF) and AR technologies in the near future. In the future, Pico hopes to become a portal-level AI vision company through the layout of VR+AR+TOF technology and products."

In terms of VR/AR, Pico will continue to adhere to the strategic focus of all-in-one machines, with Pico Neo as its flagship technology and the Goblin series aimed at the mass market. Moreover, its AR products are also expected to be available in 2019. As for TOF, Pico will continue to improve the 3D depth camera module, core algorithm and the overall solution of AI IOT. In addition to providing interactive support for its own VR/AR products, Pico will also focus on new retail, fatigue monitoring and other usage scenarios and provide more efficient industrial application solutions.

On July 31 local time, Pico announced a new generation of all-in-one VR headsets, the Pico G2 in Beijing.
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