NOLO VR Secures $15M Series A+ Financing
Recently, NOLO VR announced the completion of the $15M series A+ financing. This series of financing was led by Joy Capital, followed by BlueRun Ventures and Peakview Capital. The financing will be mainly spent on the continuous R&D and commercialization of its VR tracking technology.
A tech company focuses on VR interaction
NOLO VR was founded in 2015. The company has been focusing on the field of VR interaction since its inception. The core R&D team is led by doctors from the Chinese Academy of Sciences and Beijing University of Posts and Telecommunications. At present, NOLO VR has gathered a large number of VR technical talents. The name “NOLO” is taken from the middle letters of the word “TECHNOLOGY”, which means “Technology is the core”. Till now, NOLO VR has invested more than $15 million in VR tracking technology, with 125 patents authorized or accepted globally, and the international patents applied in 12 mainstream countries.
PolarTraq® is the world’s first optic-acoustic-radio-signal tracking technology developed by NOLO VR. It is the only three-dimensional tracking technology that satisfies “single base station, one to many, low cost, low power consumption, high precision, high frequency, high robustness and large tracking range”. In the past few years, the high price tag, the PC requirements and the painful setup process have become the major problems that plague the development of the VR industry. Bundle with the latest mobile VR headsets, NOLO VR reduced the VR hardware price to 300 dollars, and achieved both wireless and potable features.
NOLO CV1 is a 6DoF outside-in VR tracking hardware based on PolarTraq® tracking technology. It is mainly used in consumer VR use cases that are price-sensitive, privacy-sensitive, power & CPU consumption sensitive, and in the relatively daily environment, such as home, office, etc. Meanwhile, 6DoF inside-out tracking, 3DoF tracking and full body tracking technologies that aiming for wide-range and multi-player use cases are also under development. With the new products being announced soon, NOLO’s product line becomes comprehensive.
Collaborating with partners in pursuit of win-win results in 5G+VR era
NOLO VR has cooperated with many industrial partners such as Google, Huawei, Xiaomi, Pico, iQiYi, Skyworth, and DPVR. The cooperative products have not only made great progress in the consumer market, but were also widely used in the business market including education, tourism, real estate, etc. Till now, NOLO VR has users from more than 70 countries and regions around the world. With 5G and Gigabit broadband around the corner, cloud VR business is about to explode. NOLO VR is favored by telecom operators with its comprehensive advantages of technology and affordability. At present, the 5G cloud VR cooperation with China Mobile and China Telecom has already been implemented in many provinces and cities.
“VR display, will be the same as the PC monitor, mobile phone screen, TV, watch screen, car screen. It is going to become a ubiquitous display and an indispensable part of people’s lives in the 5G era. Among all kinds of VR displays, there may be 20% of consumers that have 6DoF interaction demand. VR interaction will become a very subdivision market.” When talking about the development prospects of the VR industry, NOLO VR CEO Daoning Zhang said: “We are very confident in the growth of the VR industry. We saw various mobile phone manufacturers have already run into the field, there will be a large number of thin, portable, stylish and affordable VR headsets available in a year or two. With the advent of the 5G, the VR market is about to grow by dozens of times in size.”
Kevin Li, the founding partner of Joy Capital, said: “We believe that technology must integrate with industry and serve people’s lives to truly realize its value. The implementation of 5G is a revolution in the new infrastructure, while VR is one of the most promising commercial applications in the 5G era. The NOLO team has effectively explored the field of VR, not only accumulated the advanced technology, but more importantly, achieved great progress in technology industrialization. Joy capital is optimistic about the company’s development, and willing to assist the company to promote the VR industry to grow faster and further.”
Xiaohui Wang, the managing partner of Peakview Capital, said: “With the advent of 5G and the Internet of Everything, human-computer interaction will become significant. More and more upcoming use cases will require low-cost, high-reliability and widely applicable human-computer interaction solutions. NOLO solved the problem of VR human-computer interaction utilizing its proprietary technology, and it can be applied not only to human-computer interaction for VR, but can also be widely used in robot navigation, smart home products, etc. We agree that there is a great prospect in this field.”
Wei Cao, the managing director of BlueRun Ventures, said: “We are very pleased to see that in the past year, NOLO has completed the most difficult breakthrough for startups, from 0 to 1. NOLO upgraded its VR interactive technology from the underlying sensors, algorithms to the consumer products, and have reached a win-win model with almost all mainstream manufacturers in the ecosystem. The early release of 5G licenses will have a significant impact on the development of the VR industry. Let’s expect the NOLO team to bring us more surprise in the future!”
About Joy Capital
JOY CAPITAL invests in startups of both early and growth stages and focuses on TMT and innovative consumption sectors. Founding Partners of Joy Capital have invested in nearly 100 companies and over 10 portfolios they’ve invested in are unicorns.
Typical cases includes: Luckin Coffee (NASDAQ: LK), NIO (NYSE: NIO), Mobike, Tuhu, Xiaozhu, Danke Apartment, Happy Elements, WISH, MyDreamPlus, EverCare, Locojoy, Shopex, BitAuto (NYSE: BITA), CAR (HK: 00699), Renren (NYSE: RENN), iDreamSky (NASDAQ: DSKY), Zhaopin.com (NYSE: ZPIN), UCAR (NEEQ: 838006), Xin.com (NASDAQ: UXIN), etc.