Under the helm of Zhang Yimou, the metaverse company "Danghong Qitian" has completed a Series C funding round worth hundreds of millions of yuan.

BlockBeats reported on October 9th that Beijing-based Red Qitian International Culture Technology Development Group Co., Ltd. (referred to as "Red Qitian") has completed a several hundred million yuan Series C financing round, with investment from Huakong Fund, "China Vision Valley" Industrial Fund, NetEase, BOE Technology Group, CITIC Century Asset Management, Jiahecheng Capital, and Yecao Venture Capital. According to Red Qitian's official website, renowned director Zhang Yimou serves as its co-founder and artistic director. Tianyancha data shows that Red Qitian has completed eight rounds of financing to date. Among them, Series B to B++ rounds were concentrated between October 2021 and December 2022, which is a period of booming investment in the metaverse. It is worth noting that in these three financing rounds, well-known enterprises' private equity funds, such as Xiaomi Group, Netease Capital, CITIC Group, and Bluefocus, have participated. Red Qitian's positioning is an overall solution and product landing for "XR content production + vehicle development + digital operation", with business involving multiple fields such as "XR+ amusement park", "XR+ technology show", "XR+ esports", and "XR+ sports". Previously reported, in January of this year, Red Qitian, in which Zhang Yimou holds shares and serves as a co-founder, completed an unknown amount of Series B++ financing, in which NetEase participated through NetEase Media Technology (Beijing) Co., Ltd.