Beijing-based virtual reality technology developer AppMagics Technology recently announced completion of RMB 8-digit Series A+ funding led by HG Capital, with participation from Bojiang Capital and Buttonwood Capital Management.
AppMagics, established in 2014, has developed the FaceMagic Avatar system which uses computer graphics and image mixing technology to capture a user's facial expressions via their smartphone's camera, and transfer them onto a cartoon avatar in real time. The company, which is mainly active in the animation, film and television, and gaming intellectual property domains, uses this technology to provide content product and interactive solutions for its partners. FaceMagic Avatar is able to capture details including the user's eye, mouth, eyebrow, and overall head movements in real time.
Going forward, AppMagics said that it will continue to focus on the animation, cartoon, and gaming industries, and will also allow its technology to be used for educational content development. The company hopes educators will use its system to strengthen interaction between instructors and students.
AppMagics previously completed RMB 7-digit angel funding and RMB 8-digit Series A funding in July 2015 and April 2016, respectively, and received strategic investment from game developer Linekong Interactive (8267.HK) in September 2016.
Editor's Note: For more information on this topic, please see "Linekong Invests RMB 8-digit in VR Technology Developer 'AppMagics'," MD 9/20/16 issue.