MYEG invests in China-based Ximmerse
By Digital News Asia February 26, 2018
- Ximmerse focuses on the R&D and commercialisation of mobile visual computing
- Other investors include Lenovo Group and Guangfa Group
MY E.G. Services Bhd (MYEG) through its wholly- owned subsidiary MY E.G. Capital Sdn Bhd (MYEG Capital), announced on Feb 26 that it has signed an agreement for an investment in mobile augmented reality (AR) and virtual reality (VR) developer Ximmerse.
Headquartered in Guangzhou, with offices in Shenzhen and Los Angeles, Ximmerse focuses on the research, development and commercialisation of mobile visual computing, and since its establishment in March 2015 has been developing methods of computer vision to solve inputs for mobile AR/VR.
MYEG Capital, the venture investment arm of MYEG, will invest 15 million yuan (US$2.37 million or RM9.27 million) for a 3.125% stake in Ximmerse.
It is investing in Ximmerse alongside other leading corporations, including Lenovo Group, Guangfa Group and other financial investors.
The investment in Ximmerse marks the largest overseas investment by MYEG thus far after the joint venture in the Philippines.
MYEG had, on March 15, 2017, entered into a joint-venture (JV) agreement with I-Pay Commerce Ventures, Inc (IPCVI), a payment processing provider and a direct agent of Western Union in the Philippines.
The aim is to establish a JV corporation to undertake e-government and e-government-related services there, including electronic payment services in accordance with the terms and conditions of the agreement.
The investment in Ximmerse is part of MYEG’s overall expansion strategy to tap into fast evolving technologies which bring commercial value to the group.
Managing director of MYEG, TS Wong (pic) said: “We are investing and will continue to invest in AR/VR because we believe these technologies will integrate into every part of our lifestyle. It is a structural disruption that will profoundly change our living experience."
Through MYEG Capital, MYEG has invested in numerous technology businesses including FashionValet, Agmo Studios, Hurr.tv and Stampede Solutions.