October 20, 2020 – Pimax, a virtual reality (VR) hardware manufacturer and provider of ultra-wide field of view (FoV) and high-resolution consumer VR devices, has recently announced at WCVRI 2020 that it has successfully received USD $20 million in Series-B funding. The new USD $20 million funding marks a significant milestone that has brought Pimax to a brand-new chapter of its development, according to the company.
Pimax completed a Series Pre-A round back in mid-2016, followed by the completion of a Series-A funding round through 2018. The company has proceeded from prototypes, product revisions and testing to full mass production in recent years, with Pimax expanding mass production volumes of its devices this year.
Pimax’ latest flagship headset, the VISION 8K X, features 4K native resolution per eye, as well as the company’s signature wide field of view (200°). The company noted that it is its innovation in its products that has attracted the investment.
Commenting on the announcement, Pimax Founder, Robin Weng, said: “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.”
According to Weng, these issues had a profound effect in company departments such as logistics and technical support. However, thanks to the new funding, Weng anticipates that Pimax will now be able to address these issues and complete projects in parallel with considerably greater speed and efficiency, thanks to the additional available resources, as well as “solid revenues” that the company states it is experiencing.
Other ongoing improvements that Pimax stated it is making will focus on personnel and equipment and will include teams in R&D, engineering and manufacturing capabilities. However, the main company focus at this time is going to be towards customer satisfaction, with Pimax prioritizing logistics and warehousing efforts.
Pimax is a community-driven tech company driven by ideas from the VR community. The company recently started shipping its flagship VISION 8K X. For more information on Pimax, please visit the company’s website.
Image credit: PimaxQuorra / OpenMR