Pimax Receives USD$20M Series B Funding
Posted by PIMAX STORE
New investors join to share the Pimax dream - pushing the boundaries of Virtual Reality.
October 18th, 2020 -- Pimax, a prominent VR hardware manufacturer dedicated to R&D and manufacturing of consumer and commercial Virtual Reality devices has successfully received $20M (USD) Series-B funding, announced at World Conference on VR Industry 2020 (WCVRI 2020). Pimax is most well known for their VR headsets extremely wide field of view (FOV), high resolution and high degree of compatibility with thousands of Virtual Reality applications.
Pimax Founder Robin Weng said: “We are different from other competitive players in this industry because we started with VR and VR is all that we do.”
Pimax completed Series Pre-A round back in mid-2016, followed by the completion of a Series-A funding round through 2018. Pimax has proceeded from prototypes, product revisions and testing and finally full mass production. Recently, during the difficult Covid-19 pandemic Pimax was able to successfully improve the entire product line and even expand mass production volumes. This new $20M USD funding marks a significant milestone that has brought Pimax to a brand-new chapter of its development.
Pimax’s market-tested unique innovations include breakthroughs in field of view, resolution and software compatibility. Pimax’s R&D team is focused on pushing technological barriers and this spirit is embedded throughout the Pimax organization. It is such a spirit for innovation that attracts this investment. Pimax latest flagship headset is called the VISION 8K X which features industry leading 4K native resolution per eye and the Pimax trademark wide field of view. The combination of features included in the Vision 8KX sets a new standard for price-performance in Virtual Reality hardware.
Robin Weng added: “Pimax products are just like a kid who experiences surprises and excitement, faces challenges, makes mistakes, gets criticized, learns lessons and receives love and support. We have acquired a great deal of experience and that is the fuel for this new investment. Alongside this investment we have arrived at a new strategic layout for moving into the future.”
He continued: “In the time leading up to this new investment resources were more limited and unfortunately, we had to tackle issues sequentially and this increased the time required for solutions to be identified and implemented. This had the most profound effects in departments such as logistics and technical support. With the additional resources and the solid revenues we are experiencing, we can address issues and complete projects in parallel with considerably greater speed and efficiency. Other ongoing improvements are within other teams for personnel and equipment that include R&D, engineering and manufacturing capabilities. Of course, customer satisfaction is our number one priority so above all else we are focusing our efforts with our support, logistics and warehousing teams to ensure our most important resource – our customers – are always taken care of. The Pimax family and our VR community are even more fearless and stronger than ever. ”
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