Pimax secures almost $30M in Series C1 funding to expand its Virtual Reality offering

In Virtual Reality News

March 1, 2023 – Pimax, a virtual reality (VR) hardware manufacturer and provider of ultra-wide field of view (FoV) and high-resolution consumer VR devices, has announced that it has secured close to USD $30 million in Series C1 financing. The investment round was led by Beijing-based investment firm Tuanmu Capital.

This latest funding round for Pimax follows a USD $20 million Series B investment in 2020, and a USD $15 million Series A in 2017.

Pimax stated that the funding will help to further solidify the company’s financial position as it rolls out its new portfolio of VR devices, including the Pimax Crystal and Pimax Portal, and the 12K headset later in 2023.

The fund from the latest round of financing will be mainly used in three areas:

1. Further improving Pimax’ working capital position in order to prepare for what the company anticipates will be a rapid growth in demand for its new Pimax Crystal and Pimax Portal product lines;
2. Further enhancing and expanding the company’s business operations to better serve its global users, both consumers and enterprises; and
3. Further increasing R&D investment in areas that reflect Pimax’s core competitiveness.

Commenting on the funding, Pimax Founder, Robin Weng, said: “We’re delighted with this new round of funding, as it allows us to boost our production capacity to meet the rapidly growing demand for our new VR products, as well as to improve both our hardware and software further. We’ve been innovating VR technology and we will keep on doing that in the future, always pushing the limits of what is possible through technology.”

Weng also noted that despite the fact that Pimax has been in operation for seven years and has more than 300 employees in offices around the world, the company still maintains its startup attitude.

“We are working hard to make the development and delivery process more mature and stable to better serve our users from around the world. This new round of financing will greatly help us to achieve that goal,” added Weng.

The company’s Founder also highlighted his belief in the fact that the future of the industry will involve a combination of both virtual and augmented reality solutions into extended-reality (XR) headsets that will offer high-performance whilst also being lightweight and stylish. These XR devices will also be the next-generation of general-purpose personal computing platforms, according to Weng.

Also commenting on the announcement, a representative from Tuanmu Capital stated: “We believe that at the current stage of the VR industry, the most important thing is to continuously improve the performance specs of VR headsets by leveraging the latest underlying technology breakthroughs. With seven years of relentless effort in product innovation by continually pushing technical boundaries, Pimax has become one of the very few companies in the world that boasts a complete suite of technical know-how spanning both PCVR and all-in-one VR, both high-end and lower-end headsets. We deeply believe in the future of the VR industry and Pimax has got a clear shot at coming out as a winner.”

For more information on Pimax and its virtual reality solutions, please visit the company’s website.

Image credit: Pimax