Pimax VR announced that it secured $20 million in a Series B funding round. The company said the new investment would give it the resources to speed up its R&D and production efforts. The additional resources will also fund improvements to Pimax customer support.
Things are looking up for Pimax recently. The company is shipping its new Pimax 8KX ultrawide headset to pre-order and Kickstarter backers. The Kickstarter backer boxes are about to go out the door, it's Sword controllers are almost ready for primetime, and the company said that sales of its current lineup of headsets are strong. The new influx of cash from the recent Series B funding will set Pimax up to put gasoline on the fire and accelerate the business.
Robin Wang, the company's founder, said the investment would allow the company to move quickly and offer a better product and improved customer service.
"In the time leading up to this new investment, resources were more limited, and unfortunately, we had to tackle issues sequentially, and this increased the time required for solutions to be identified and implemented," said Wang. "This had the most profound effects in departments such as logistics and technical support. With the additional resources and the solid revenues we are experiencing, we can address issues and complete projects in parallel with considerably greater speed and efficiency."
Wang is particularly focused on improving the Pimax customer experience. He plans to use the money to ramp up its shipping processes and inventory management and improve its customer support efforts.
"Of course, customer satisfaction is our number one priority so above all else we are focusing our efforts with our support, logistics and warehousing teams to ensure our most important resource - our customers - are always taken care of," Wang noted. "The Pimax family and our VR community are even more fearless and stronger than ever."
The investment will also go towards "personnel and equipment that include R&D, engineering and manufacturing capabilities."