MYEG invests in China-based HiScene
By Digital News Asia April 11, 2019
- Has also invested in Beijing-based Jingle Magic and Guangzhou-based Ximmerse
- Investment deepens MYEG’s interest in the AR/VR/AI space
MY E.G. Services Bhd (MYEG), through its wholly-owned subsidiary MYE.G. Capital Sdn Bhd (MYEG Capital), on April 10 signed an agreement for an investment in Chinese provider of Augmented Reality (AR) products and services HiScene (Shanghai) Information Technology Co, Ltd (HiScene).
Founded in 2012, the company has headquarters in Shanghai and branches in Beijing, Guangzhou, Shenzhen, Kunming and Silicon Valley.
HiScene is a provider of AR products and services, owns independently researched and developed Artificial Intelligence (AI) core technologies like computer vision, deep learning, and intelligent interaction, integrated software and hardware, and provides platform level industry solutions.
Using the core idea of “Integrated Terminal and Cloud”, HiScene was at the forefront in launching SAAS mode of enterprise level AR cloud service in the industry, and AR intelligent glasses, HiAR Glasses.
MYEG Capital is investing US$2.23 million (15 million yuan; RM9.1 million) in HiScene.
Other investors in this funding round include Suzhou GGV Yuanxing Equity Investment Partnership (Limited Partnership), Xiamen Meitu Network Technology Co, Ltd, Ondine Capital, and a few of other Chinese investors.
This investment in HiScene follows the recent stake in Beijing-based educational systems developer Jingle Magic in the AR/VR/AI space earlier this month, and last year’s investment in Guangzhou-based mobile and AR developer Ximmerse.
MYEG Capital is the venture investment arm of MYEG. Besides investments in AR/VR/AI space, its portfolio includes a diverse variety of technology businesses including FashionValet, Agmo Studio, and Stampede Solutions.
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