Xmov(魔珐科技) announced its series A round of financing on June 25, raising an undisclosed amount, reportedly more than a hundred million yuan, from Sequoia Capital(红杉资本), Morningside Capital (晨兴资本), Toutou Shidao Capital(头头是道).The funding round will support Xmov to further expand the team and explore business opportunities.
Xmov is founded in 2017 by Dr. Chai Jinxiang, a Ph.D. in Robotics from Carnegie Mellon University and tenured professor at Texas A&M University. The team focuses on the area of computer graphics and vision with broad applications in VR&AR, robotics, and human-computer interaction.
Based on the leading technologies, Xmov provides 3D human facial and body recognition products and interactive computer vision solutions for smartphone, VR and smart home businesses.
Different from companies such as OptiTrack and REALIS(瑞立视) who focus on motion capture devices, Xmov sells motion capture services so that clients could commit to motion design without worrying about technology and hardware integration, as an Xmov employee said to Chinese VR/AR media 87870.
Dr. Chai told EO Company, "we believe the virtual world is a great track. Xmov is committed to create an AI-driven engine and become the enabler to platforms in this area. "
Talking about virtual world, people tend to think of ACGN (animation, comic, game, and novel), the concept originated in Japan and becoming popular in China, normally to describe a two-dimensional space. With technology development, virtual characters are immigrating to the real world, ranging from virtual idols, virtual fitness trainers, to virtual English teachers. The boundary between the virtual world and the real world are getting blurred.
The market has a huge potential. According to Xmov, Chinese animation market had reached CNY 151 million in 2017, and the global gaming consumption was over CNY 749.5 million with more than a billion paid players in 2017.
Earlier telecommunication infrastructure and computing power were not advanced enough to support the presentation of a high-quality virtual world. With 5G coming to life, highly reliable and low-cost telecom infrastructure allows more vivid exhibition enabled by advanced AI technology.