Virtual reality tech start-up 8i raises US$27m Series B funding from investors including Baidu

Online search giant’s Baidu Ventures is focused on early stage investments in the artificial intelligence, augmented and virtual reality markets

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Los Angeles-based holographic capture startup 8i has raised a $27 million series B round of funding from investors including Baidu Ventures, Hearst Ventures, Verizon and others. The company wants to use the new cash infusion to launch an augmented reality mobile app dubbed Holo that will allow consumers to bring holograms of movie stars into their living rooms. Photo: Bloomberg

Published: 9:15am, 14 Feb 2017Updated: 10:38pm, 14 Feb 2017

Chinese online search giant Baidu’s newly formed venture capital arm, Baidu Ventures, has made its first investment as part of the US$27 million Series B fundraising round of 8i, a specialist in augmented and virtual reality technologies.

Nasdaq-listed Baidu said on Tuesday that it will also cooperate with United States-based 8i on future product development.

The latest investment round of 8i was led by Time Warner Investments. Other participants include Verizon Ventures, Hearst Ventures, One Ventures and German businessman Carsten Maschmeyer’s Seed & Speed Ventures.

That has brought the total funding raised by 8i to US$41 million. Its early investors include Hong Kong tycoon Li Ka-shing’s Horizons Ventures, Samsung Venture Investment and San Francisco-based Founders Fund, a venture capital firm backed by PayPal co-founder and outspoken Donald Trump supporter Peter Thiel.

Established in September, Baidu Ventures is focused on early stage investments in the artificial intelligence, AR and VR markets with an initial US$200 million fund.

A sign for at the entrance to the Baidu Technology Park in Beijing. Photo: Bloomberg

Baidu’s involvement with 8i has come amid the start-up company’s preparations to launch its Holo mobile app this year, which would bring its 3D imaging technology to smartphones.