The Strategist

Chinese competitor of GoPro to hold IPO in 2020

03/20/2019 - 13:54

The Chinese manufacturer of panoramic cameras Insta360 attracted investments in the amount of $ 30 million. The company plans to conduct an initial public offering of shares next year.

“We are planning an IPO in 2020 and will attract new investments from the public market, so that we can more actively introduce innovations and change the camera industry,” said Insta360 CEO JK Liu in an interview with CNBC.

According to him, the company plans to list in mainland China, but the specific site has not yet been selected.

Insta360 sells cameras that can connect to smartphones and record 360-degree video. Users can edit videos on their smartphones. In addition, the company also recently expanded its product line with so-called action cameras. This has increased its competition with the American company GoPro.

Chinese investors Everest Venture Capital, MG Holdings and Huajin Capital took part in the Insta360 round of financing for $ 30 million. They joined IDG Capital, Suning Holdings Group, Xunlei and Qiming Venture Partners.

Part of the funds will be used for research and development, with particular emphasis on the use of advanced capabilities of artificial intelligence in software and hardware, said General Director of Insta360. Liu said that the company will launch a new product this year, but did not disclose details.

Part of the funds will be used to create company brand stores in the United States, Britain, Germany, Japan and in major cities of China. They will start opening this year, Liu clarified.