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Insta360, One of the pioneers in the manufacture of 360-degree cameras, it has just raised $ 30 million in C-Series investments from Chinese investors, including Everest Venture Capital, MG Holdings and Huajin Capital.
The Shenzhen-based camera maker declined to disclose his latest badessment. It plans to use the new products in research and development, marketing, and after-sales services in its major international markets, including the United States and Japan, which are the company's second and third largest markets. China.
IDG Capital, Qiming Ventures, home appliance manufacturer Suning Holdings Group and Xunlei file sharing service are among its donors.
The company began manufacturing 360-degree cameras – hence the brand name – in 2014, when its founder, Liu Jingkang, found a gap in the market for compact and easy-to-use devices, which turn 360-degree high definition sequences. Over the years, the company has evolved into a four-part business catering to all kinds of needs: 360-degree cameras for professionals and amateurs creating virtual reality content, cameras Action for sports fans and accessories for smartphones for the average consumer.
Liu told TechCrunch that the Chinese company had been profitable since 2017 and was planning to file an initial public offering in China next year, in contrast to GoPro, a rival company in the camera business. . The company declined to provide more details on the planned IPO, but said the success of its line of action cameras had allowed it to grow its revenue five times in two years and to achieve profitability.
From professionals to amateurs
Although the virtual reality industry is still in its infancy, Liu is confident that 360 content will become a much sought after form of media in the years to come.
"Many families will be consuming virtual reality content for entertainment purposes in the future, so we have a huge market for 360 ° content. That's why we make a 360 camera every year to maintain our leading position, "Liu said.
Insta360 One X / Photo: Insta360
In comparison, the action camera market is more mature. Insta360 has a broader social trend: live blogs and short videos, which has generated a huge demand for quality video content. Dozens of cameras, ranging from Snap Spectacles to Tencent's Snap glbades clone, are available to help people create content for video-sharing apps, but Liu has seen issues in many of these products.
"[Video-shooting] shows, for example, are quite offensive. Not everyone wants to wear them, "said the founder. "A lot of cameras do a bad job on video stabilization, so that people end up with unusable images. Finally, and this is the main problem, users do not know how to manage their sequences. "
To this end, Insta360's latest response regarding the documentation of sporting events and travels is a camera that can easily be hand-held or slipped into a pocket. Called the One X, the gadget takes a resolution of 5.7K at 30 frames per second, providing smooth stabilization even when it is launched. The camera also comes with a software toolbox that automatically selects and badembles user images, making it easy to share on TikTok and Instagram. See below the review of TechCrunch on One X:
Insta360 has also raced after the mbades, and its latest offering is an additional goal that can instantly turn an iPhone into a 360-degree camera. The idea is that when users discover the basic 360 degree experience, they may want to switch to a high-end model.
"Insta360 has a rare ability to integrate advanced imaging technologies with the products that consumers want to use today," said Gavin Li, senior director of Huajin Capital. "They are moving faster and innovating more than their competitors, and they are adopting bold new approaches to the defining communication tool of our time: the camera."
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