Pico Closes $37.4 Million Series B+ Funding Round and Announces Pico Neo 3
Pico Interactive’s standalone virtual reality (VR) headsets Pico Neo 2 and Neo 2 Eye were announced in May 2020 and less than a year later, the company has just announced that it completed a Series B+ funding round. It also confirmed that it is releasing an updated model, the Pico Neo 3, in 2021.
This latest funding round netted Pico Interactive $37.4 million and involved the participation of several funders including Shenzhen Yidun Media Investment Fund, Co-Stone Asset Management Co. Ltd., Jianyin International Capital Management (Tianjin) Co., Ltd., and CCBI Tech Venture (Suzhou) Combined Debt & Equity Private Equity Fund LLP. Pico Interactive will use the funding to bolster its B2C presence in Asia and to expand into the Western markets. The funding will also go into product development.
Pico Interactive CEO Zhou Hongwei stated that the company was looking to provide its users with the best virtual reality experience ever via excellent hardware, a great content ecosystem as well as strategic partnerships. Zhou stated that the new funding will help the company “strengthen the accumulation of key technologies” and launch high-quality VR games and applications to its consumer Pico headsets in the Asian markets.
Zhou stated that apart from powering Pico’s B2C growth in Asia, the new funding will also help the company further its presence as a leader in B2B VR solutions in its Western markets. As Pico Interactive is continuously looking for ways to better support its partners, the funding will also go towards making the company’s vision for its partners a reality, Zhou stated.
Pico Interactive is yet to reveal the specifications of its Pico Neo 3 headsets nor has it explained how it will be an upgrade over the current models.
Both the Pico Neo 2 and Neo 2 Eye have 4K resolution, a Qualcomm Snapdragon 845 processor, and six degrees of freedom (6DoF) tracking. They also feature two front-facing cameras, 128Gb of storage, and a 75Hz refresh rate. Both headsets also feature a counterbalanced design that adds to their comfort. The Pico Neo 2 Eye is equipped with Tobii eye-tracking technology for enterprise use-cases.
Last year, Pico also launched the G2 4K S and the G2 4K Enterprise headsets, both of which support three degrees of freedom (3DoF) technology that has already been phased out by the likes of Facebook in favor of 6DoF. The 3DoF Pico headsets have a 4K resolution, 101-degree field of view as well as an all-PU facial interface for ease of cleaning. Pico’s G2 4K Enterprise headset model also features a single 16MP RGB camera along with additional storage.