MYEG’s latest China investment is virtual live streaming startup, DeepScience
By Digital News Asia February 2, 2021
- Deploys full-stack real-time animation & virtual live streaming technologies
- Chinese virtual live streaming emphasis on interaction, faster monetization
MY E.G Services Bhd (MYEG) announced on 29 Jan that its wholly-owned subsidiary MY E.G. Capital Sdn Bhd (MYEG Capital) had participated in a recent Series A financing by Beijing DeepScience Technology Ltd (DeepScience), a leading virtual live streaming, real-time animation and digital human company.
GSR Ventures and Peakview Capital were the other investors in the financing round that is claimed to be in the “tens of millions of Chinese renminbi”. Previously, DeepScience had received an angel investment from InnoAngel Fund.
Founded in April 2016 in Beijing, DeepScience deeply focuses on full-stack real-time animation and virtual live streaming technologies, and has achieved virtual and real image synthesis and digital human-computer interaction functions in a number of commercial fields. Its products include "DreamMaker Lite" and "DreamMaker Plus" for professional animation content production, "DreamMaker Easy" for fast animation content production and virtual live streaming, as well as the recently-launched "DreamMaker Easy Plug-in" and “VHost" for ‘7*24 hours’ AI virtual live streaming on e-commerce platform.
DeepScience founder David Cheng said that compared with traditional Internet applications, real-time animation and virtual live streaming products have a very complicated technical process, which involves human-computer interaction, real-time rendering, various AI actions and image processing technologies, and hence, it is not as simple as following the route of system integration.
Toward this end, DeepScience has created some barrier to entry to ensure long-term sustainable development of the enterprise. The first of these is around intellectual property (IP), where DeepScience has applied for 50 patents.
The second is the development of motion capture, facial expression capture, gesture capture and other underlying technologies.
To date, DeepScience has already served many well-known IPs in China such as Yichan Little Monk, Momo Girl, Bud Bear and Jiangxiaoyu. Moving forward, DeepScience expects not only to serve more IPs, but to also help IPs better achieve commercial realisation.
David said that due to the more developed and diversified e-commerce ecology in China, the development of domestic virtual idol and virtual live streaming industry will increasingly incorporate Chinese characteristics, which is different from Japanese models such as Hatsune Miku and Tripping Love.
Further, compared with the models in Japan and other countries that emphasise art, the Chinese model is characterised by more emphasis on interaction, faster monetization and more emphasis on technology.
David notes that with China already leading the world in virtual live streaming technology and a few other fields, it will continue to expand its advantage in the next few years. While in the past, virtual live streaming was mostly based in Japan, now and in the future, virtual live streaming will be led by China, he adds.
Products such as "DreamMaker Easy Plug-in" and “VHost" have been successively launched by DeepScience. The goal of this series of products is to help e-commerce retailers on platforms such as Tmall, Douyin/TikTok and Pinduoduo realize 7*24 hour AI automatic live streaming to sell goods, and continuously improve the effect of generating increasing orders.
Given that most e-commerce companies don't have their own virtual IP images, DeepScience provides hundreds of free images for customers to use conveniently. These products are particularly popular on Tmall and Douyin/TikTok, and have been used by a number of well-known e-commerce brands such as Schneider, Panasonic Bathroom, Estetin and Membrane Family.
MYEG Capital is the venture investment arm of MYEG. Over the years, it has invested in numerous technology businesses including China-based companies such as Ximmerse and Jingle Magic, besides home-grown businesses like Agmo Studio, FashionValet and Stampede Solutions.