Chinese metaverse-focused startup Xmov announced on Wednesday that it has completed rounds B and C of financing, garnering a total amount of $130 million.
The B round of financing featured joint investment from Fresh Capital and Jinsha Fund. Sequoia China and 5Y Capital made additional contributions for three consecutive rounds. Meanwhile, the C round of financing, which totaled $110 million, was jointly led by SoftBank Vision Fund 2 and a well-known strategic investment institution, followed by Northern Light Venture Capital and Index Ventures. Index Capital acted as the exclusive financial advisor.
Chai Jinxiang, founder and CEO of Xmov, said that the essence of the metaverse is to upgrade information carriers and bring about interactive modes featuring three-dimensional native virtual content and virtual humans as the core. The value of Xmov focuses on providing infrastructure for the scale interaction and intelligence of virtual content and virtual humans, and empowering all walks of life to enter the metaverse.
Chai revealed that the freshly acquired funds will be mainly used for the R&D of products, market expansion, ecological construction, and further capitalization on the company’s leading advantages.
Founded in 2018, Xmov is a technology company with computer graphics and AI technology as its core. It is capable of full-stack end-to-end virtual content intelligent production, virtual human creation and operation technology, and has developed virtual live broadcast technology for both enterprises and consumers. It also builds 3D AI virtual human capability platform, creating a full-stack product ecosystem.
Xmov has cooperated with many studios and industry customers, including gaming companies, entertainment and film companies, internet platforms, consumer goods companies and technology companies.
Up to now, it has served more than 200 corporate customers, covering gaming, entertainment, consumption, e-commerce, finance, technology, education, health care, cultural tourism and other industries.