On Wednesday, a Chinese company that deals with the manufacturing of 360-degree-view video cameras, Insta360 told that its planning to be available for public access latest by 2020, after having received a grand total of $30 million as funds for the cameras’ manufacturing.
“We plan on an IPO in 2020 and take on new investments from the public market so we can more aggressively innovate and change the camera industry,” JK Liu, CEO of Insta360 told CNBC in an interview via a translator.
Insta360 primarily manufactures fixable cameras that can be plug into smartphones and can be used to record ecstatic 360-view videos. Furthermore, the firm has recently expanded its domain by building and developing action cameras that have the ability to capture motion pictures of fast-paced activities such as sports. Their ability to provide such prominent and useful features have made them a direct competitor to their American counterpart, GoPro.
But as per Liu, Insta360 has the required potential and more to beat GoPro in the global markets. In an interview, he told CNBC that the enhanced kind of technology such as the company’s proprietary image stabilization software helps Insta360 differentiate from its counterparts.
“Broadly, for some of our competitors it seems like their main goal is to expand their audience as much as possible with marketing. What our core goal is, is to bring down the threshold for anybody to make really amazing content. That’s how we think we will grow our market,” Liu said.
Which is better: GoPro Vs Insta360
Liu said that he understands the significance of 360-degree cameras. While the world is advancing at an insanely fast pace, the addition and inclusion of Virtual Reality is increasing substantially. He claims that while his competitors are not focusing on cashing this exceptional opportunity, Insta360 has its eyes focused on the growth of VR and due to that, the growth of itself. Furthermore, he also told that the added accessibility of Insta360’s cameras being available to be plugged into smartphones gives the company an enormous edge over any other competitors in the market at the moment.
Hefty Funding uplifts the production deadline
Insta360’s funding round included considerable amount of support from Chinese investors including Everest Venture Capital, MG Holdings and Huajin Capital. Furthermore, they also joined hands with IDG Capital, Suning Holdings Group, Xunlei, and Qiming Venture Partners.
When asked about the consumption of the massive funds that were received, Liu elaborated that Insta360 plans on investing them in the development of the company’s research and development section with an emphasis on the enhancement of their hardware and software capabilities with effective use of Artificial Intelligence. He said, “We do have some big plans with software upgrades this year and some will involve those new research directions looking at the latest in AI to help automate a lot of editing.”
Image Source: Insta 360