8-year-old Shanghai-based VR company GDI announced that will be listed on the NEEQ known as “Xin Sanban” in Chinese. Founded in 2007, the company now has more than 400 B2B clients including Ebay, Disney, aircraft maker Comac as well as Chinese state owned enterprises and universities. 

The company announced a 100 million yuan ($15.5 million USD) series B round this week, led by several securities dealers, professional investment institutions and listed companies. The company now has offices in Shanghai, Beijing, Chengdu, Guangzhou, Wuhan, Nanjing, Jinan and Xian.

GDI develops immersive VR system-based solutions for high-end manufacturing, national defense, and higher education sectors. Its independent R&D team developed several product lines, including G-Magic VR interactive system, the G-Bench virtual workstation, the DVS3D VR software, and the G-Motion movement capturing system. The company sells their software licenses to companies so that clients can wholly license the product for their own needs. 

China’s virtual reality market has been heating up in recent years. The market value of VR consumer equipment in China is on track to exceed 2.1 billion yuan ($340 million USD) in 2017, up from 180 million yuan ($28.99 million USD) in 2015, according to Beijing-based research firm Analyays International.

Alibaba now lists more than 25,000 Virtual Reality product suppliers, mostly based in Guangzhou. At the end of 2014, Beijing-based ANTVR released a slew of virtual reality products including a headset that will compete directly with Oculus VR. LeTV branched out into virtual reality by building their own VR headset, LeVR Cool 1, and Youku Tudou also revealed plans to begin producing original 360-degree video content.

Image Credit: GDI

Eva Yoo is Shanghai-based tech writer. Reach her at evayoo@technode.com