By Rita Liao
Insta360, one of the pioneers in making 360-degree cameras, just raised $30 million in a Series C+ funding round from Chinese investors including Everest Venture Capital, MG Holdings and Huajin Capital.
The Shenzhen-based camera maker declines to disclose its latest valuation. It plans to use the fresh proceeds in research and development, marketing and after-sales services in its key international markets including the United States and Japan, which are the company’s second and third-largest markets behind China.
Some of its past backers include IDG Capital, Qiming Ventures, home appliance maker Suning Holdings Group and file sharing service Xunlei.
The company started making 360 cameras — thus the brand name — in 2014 when founder Liu Jingkang saw a gap in the market for compact, easy-to-use cameras shooting high-definition 360-degree footage. Over the years it has evolved into a four-pronged business covering all sorts of needs: 360 cameras for professionals and amateur users creating virtual reality content, action cameras for sports lovers, and smartphone accessories for average consumers.
In stark contrast to loss-making GoPro, which Insta360 rivals in the action camera vertical, the Chinese firm has been profitable since 2017 and is planning to file for an …read more
Source:: TechCrunch Gadgets
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