Pico Interactive Acquisition, Valuation, Funding & Investors

Pico Interactive was acquired by ByteDance for $1.5B in August 2021.

Pico Interactive acquisition price

$1.5B

Acquired by ByteDance · Aug 2021

Cumulative funding Pico Interactive raised

$62M

across 2 funding rounds

Key investors in Pico Interactive

  • Co-Stone Venture Capital
  • GF Xinde Investment Management
  • GF Qianhe Investment
  • Qingdao Jufeng Science & Technology Venture Investment
  • CCBI Tech Venture
  • Shenzhen Yidun Media Investment Fund
  • Jianyin International Capital Management

Pico Interactive Overview

About Pico Interactive

Pico Interactive is a Beijing-headquartered developer of virtual reality headsets and software, with research and development centers in the United States and China. Founded in 2015, the company employs over 300 staff in product design, software engineering, and business development. Pico Interactive produces consumer headsets like the Pico 4 series and enterprise solutions for training and simulation, partnering with content creators for immersive experiences. Acquired by ByteDance in 2021, it distributes VR hardware through global channels targeting gaming, education, and professional applications.


Founded

2015

HQ

United StatesSan Francisco, CA

Website

picoxr.com

Status

Acquired

Customer focus

B2C & B2B

Revenue model

Product sales

Valuation

$1.5B (acquired Aug 2021)

Pico Interactive Acquisition

Pico Interactive was acquired by ByteDance for $1.5B on 30 August 2021.

Before the acquisition Pico Interactive had raised $62M across 2 funding rounds.

Pico Interactive acquisition details
AcquirerDateTypePrice
30 Aug 2021Strategic M&A$1.5B

Pico Interactive Funding History

Pico Interactive has raised a total of $62M across 2 funding rounds.

Pico Interactive's first fundraising round was a $25M Series A in July 2018. The most recent completed round was a $37M Series B in March 2021.

Pico Interactive funding rounds

Pico Interactive funding rounds
DateStageInvestorsRaisedDeal Summary
Mar 2021Series BShenzhen Yidun Media Investment Fund; Co-Stone Venture Capital; Jianyin International Capital Management; CCBI Tech Venture$37MPico Interactive, a developer of virtual reality (VR) headsets and enterprise solutions, completed a $37.4 million B+ funding round in March 2021, supported by Co-Stone Asset Management, Shenzhen Yidun Media Investment Fund, Jianyin International Capital Management, and CCBI Tech Venture. This brought total B and B+ funding to $67.23 million. The funds aimed to bolster B2C presence in Asia through technology accumulation, high-quality VR games, and applications, while expanding B2B partnerships and product development in Western markets. CEO Zhou Hongwei highlighted the focus on superior hardware, content ecosystems, and strategic partners to enhance user VR experiences. Pico targets both consumer and enterprise segments with products like the Neo 2 and Neo 2 Eye headsets, featuring 4K resolution, enterprise functionality, spatial stereo speakers, hygiene-focused interfaces, and eye-tracking in the Eye model using Tobii technology. An updated Neo 3 was planned for later that year. Additionally, the company offers 3DoF enterprise devices such as G2 4K S and G2 4K Enterprise with 4K resolution, 101° field of view, and easy-clean materials. These position Pico as a leader in enterprise VR solutions. Post-round, ByteDance acquired Pico in 2021 for a reported $775 million, though financial details were not officially disclosed. Prior funding totaled around $62.1 million before this round. No sources provided post-money valuation, revenue, ARR, EBITDA, or valuation multiples for this specific round. A separate financial services firm named Pico appears in results but is unrelated.
Jul 2018Series AGF Qianhe Investment (lead); GF Xinde Investment Management (lead); Qingdao Jufeng Science & Technology Venture Investment$25MPico Interactive is a Beijing-based VR hardware startup founded in 2015 that develops standalone virtual reality headsets designed to compete with products from Facebook's Oculus and other major tech companies. The company positioned itself in the market by focusing on self-contained, wireless standalone headset devices rather than phone-based or PC-tethered VR systems, targeting both consumer and gaming segments with product lineups including the G series for video-watching experiences and the Neo series for premium gaming applications. In July 2018, Pico Interactive closed its Series A funding round, raising $24.7 million (RMB 167.5 million) led by GF Qianhe and GF Xinde Investment, both investment arms of GF Securities, with participation from Qingdao Jufeng Science & Technology Venture Investment. This was the company's first institutional outside funding since its founding in 2015. The capital was intended to support research, development, and marketing efforts as Pico prepared to expand its product offerings and market reach. Coinciding with the Series A announcement, Pico unveiled the Pico G2, an updated standalone headset built on Qualcomm's Snapdragon 835 chipset and running on HTC's Vive Wave VR platform. The company also announced plans to release augmented reality hardware in 2019. At the time of the 2018 Series A, the VR market in China was projected to reach $5.76 billion by 2020, representing approximately one-third of the global VR market valued at $18.8 billion. The Series A marked the beginning of Pico's institutional fundraising journey. The company would later raise additional capital including a Series B round in 2021 for $37.4 million, a Series C round in 2020 for $135 million led by Intel Capital, and a $200 million private equity investment in 2022 from Golden Gate Capital, demonstrating sustained investor confidence in the company's VR hardware business model.

Who has invested in Pico Interactive?

7 investors have backed Pico Interactive across its funding rounds, including Co-Stone Venture Capital, GF Xinde Investment Management, GF Qianhe Investment, Qingdao Jufeng Science & Technology Venture Investment, CCBI Tech Venture and Shenzhen Yidun Media Investment Fund.

Lead investors include GF Qianhe Investment and GF Xinde Investment Management.


Pico Interactive Investors

Investors in Pico Interactive by funding rounds participated
InvestorHQRoundsRoleFirst check
Qingdao Jufeng Science & Technology Venture InvestmentChinaQingdao1ParticipantJul 2018
Shenzhen Yidun Media Investment FundChinaShenzhen1ParticipantMar 2021
Co-Stone Venture CapitalChinaShenzhen1ParticipantMar 2021
GF Qianhe InvestmentChinaBeijing1LeadJul 2018
Jianyin International Capital ManagementChinaTianjin1ParticipantMar 2021

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Pico Interactive Competitors

Pico Interactive competitors include listed companies like Sun Corp. and HTC, and private ones like Xreal, DeePoon, DigiLens and WayRay.

Public and private companies comparable to Pico Interactive
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Sun Corp.JapanJapanPublicly listed$64M-$1.4B22.2x
HTCTaiwanTaiwanPublicly listed$91M$22M$1B6.9x
XrealChinaBeijingPrivate--$1B-
DeePoonChinaShanghaiPrivate--$830M-
DigiLensUnited StatesSan Francisco, CAPrivate--$530M-
WayRaySwitzerlandZurichPrivate--$500M-

Pico Interactive Public Comps

Pico Interactive is no longer listed, but its public comps include Kinpo Electronics, Corsair Gaming, Qisda, Arlo, Tamron, Sun Corp., United Electronics, Telling Telecommunication, Emami and Shenzhen KTC Technology.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Kinpo Electronics$5.1B$199M0.5x-13.7x-
Corsair Gaming$1.5B$50M1.0x1.0x29.6x12.3x
Qisda$6.5B$337M0.7x0.6x12.6x12.6x
Arlo$529M$14M2.5x2.3x92.0x13.3x
Tamron$547M$128M2.2x2.0x9.2x8.4x
Sun Corp.$64M-21.8x22.2x--
United Electronics$2B$212M0.8x0.8x7.8x7.7x
Telling Telecommunication$14B$86M0.2x-33.1x-

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Common questions about Pico Interactive

When was Pico Interactive founded?Pico Interactive was founded in 2015.
Where is Pico Interactive headquartered?Pico Interactive is headquartered in San Francisco, CA, United States.
Is Pico Interactive publicly listed?No, Pico Interactive was acquired by ByteDance in August 2021.
Who acquired Pico Interactive?Pico Interactive was acquired by ByteDance in August 2021.
How much was Pico Interactive acquired for?Pico Interactive was acquired for $1.5B in August 2021.
How much funding has Pico Interactive raised?Pico Interactive has raised $62M across 2 funding rounds.
What was Pico Interactive's last funding round?Pico Interactive's last funding round was a $37M Series B in March 2021.
Who are Pico Interactive's investors?Pico Interactive's investors include Qingdao Jufeng Science & Technology Venture Investment, Shenzhen Yidun Media Investment Fund, Co-Stone Venture Capital, GF Qianhe Investment, Jianyin International Capital Management, CCBI Tech Venture and GF Xinde Investment Management.
Which companies are comparable to Pico Interactive?Companies comparable to Pico Interactive include Sun Corp., HTC, Xreal, DeePoon, DigiLens and WayRay.

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