September 23, 2019 – Planet O Ltd., a location-based mixed reality and social experience entertainment hub, has announced today that it has raised CNY ¥21.5 million (approximately USD $3.2 million) in a seed funding round. Global real estate developer Ceetrus led the investment. Ceetrus, formerly known as Immochan International and subsidiary to Auchan Holding Group, holds roughly 300 commercial centers globally. Planet O plans to use their funding to develop futuristic brick and mortar entertainment hubs, beginning with their first location expected to open early next year in Shanghai, China, with subsequent plans for continued expansion.
“Planet O has assembled an exceptional team, with credibility, extensive industry knowledge, and competency in building and scaling successful concepts in the Chinese market,” said Benoît Lheureux, CEO of Ceetrus. “Ceetrus is willing to develop innovative projects that meet the needs of citizens. We believe that Planet O fills an important experiential and social need for the generation of today.” As part of the financing, Ceetrus will also support Planet O with its development resources and capabilities.
Founded in 2016, Planet O is seeking to disrupt the entertainment industry of China. “Planet O will change the way consumers view and interact with high tech, virtual reality and extended reality (XR),” said Company Founder and CEO Eric Oetting.
Powered by proprietary Smart Facility Technology, Planet O aims to create a community that allows friends and gamers to come together, connect, compete, and share experiences socially. Co-Founder and COO, Scott Minoie, said: “We focused on designing the project for local communities in a way that allows people to connect and share within an industry which is rapidly expanding throughout the country and the globe. We are thrilled that Ceetrus shares our vision, and we’re excited to work with such a forward thinking company who has extensive experience in commercial development and a track record of successfully growing global brands.”
Vianney Dumas, Head of Innovation for Ceetrus, added: “We have followed the development of Planet O from early stages and they have our full support moving forward. This is part of Ceetrus strategy to support the development of innovative concepts which match with our vision to link people by creating sustainable, smart and lively places to brighten up everyday life.”
Planet O stated that it has partnered with XR, AI, and gaming companies from around the world, and that it is planning to help newly established innovative companies enter the Chinese market. “Planet O’s creators are no strangers to China. They have been developing successful hospitality and entertainment ventures locally over the past two decades,” said Gregory Prudhommeaux, Co-President of La French Tech Shanghai and Founder of NextStep Studio, an advisor to Planet O.
Image credit: Planet O/Ceetrus
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Sam is the Founder and Managing Editor of Auganix. With a background in research and report writing, he has been covering XR industry news for the past seven years.