Pimax Secures $30M Series C1 Funding to Expand & Support Rollout of Crystal & Portal VR Headsets

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Pimax, the China-based creator known for its wide field of view (FOV) VR headsets, announced it’s secured a $30 million series C1 financing round, something the company says will aid in the rollout of its new portfolio of VR devices.

The series C1 was led by Beijing-based investment firm Tuanmu Capital. This follows the company’s $20 million series B in 2020, bringing the company’s lifetime outside investment to over $69 million.

In a press statement, the company says the funds will be used to accelerate growth of its coming line of VR headsets, Pimax Crystal and Pimax Portal, enhance its position as both a consumer and enterprise-focused company, and increase investment in R&D.

Founded in 2015, Pimax is best known for its first Pimax “8K” headset Kickstarted in 2017, a consumer PC VR headset that included dual 4K panels providing an estimated 200-degree FOV, by far one of the largest in the industry at the time. Even today, many consumer headsets, such as Meta Quest 2 and HTC Vive XR Elite, feature FOVs around 110 degrees.

Pimax Crystal | Photo by Road to VR

The company has since gone on to offer multiple iterations of its wide FOV headset, but also is set to launch both its VR standalone Pimax Crystal and hybrid Portal device, the latter of which can convert between a Nintendo Switch-style gaming handheld and a VR headset.

Both Pimax Crystal and Pimax Portal are expected to release at some point in “early 2023”, with Crystal available for pre-order on the company’s website and Portal still in the fulfillment stage from its successful 2022 Kickstarter, which garnered just over $350,000 from backers.

“Of course, we’re delighted with this new round of funding, as it allows us to boost our production capacity to meet the rapidly growing demand for our new VR products, as well as to improve both our hardware and software further,” said Pimax Founder Robin Weng. “We’ve been innovating VR technology and we will keep on doing that in the future, always pushing the limits of what is possible through technology.”

The Shanghai-based company now boasts over 300 employees in offices spread across offices in San Jose, Stockholm, Hong Kong, Shanghai, Hangzhou, Qingdao, and Chengdu.