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Virtual Reality (VR) Is Gaining Traction in China

By Yulong Cui, Analyst

This week SenseTime, a prominent computer vision company in China, announced the first architectural and hardware standards for augmented reality technology (this was for AR standards only). The China Electronics Standardization Association, Xiaomi, Baidu, iQIYI and several other corporate and academic institutions collaborated with SenseTime to set the standards. Given the hardware improvements necessary to handle their computational intensity, VR and AR are in exceedingly early days and in search of large-scale use cases.

That said, during China’s Singles Day shopping festival in November, Qiyu’s VR headsets ranked number one in sales on JD.com. A few weeks ago, iQIYI Intelligent raised several hundred million RMB (tens of millions USD) in a series B round, making it the largest VR pure play in the market. iQIYI Intelligent is an independent VR startup incubated by iQIYI and the manufacturer of Qiyu VR headsets.

Catherine Wood, ARK Invest CEO, is a shareholder of 24/7 Wall St. LLC.