Pico Interactive receives $37M cash injection to launch Neo 3 headset

Pico Interactive recently raised $37 million in a Series B+ financing round, ensuring the company has the capital on hand to launch its third-generation 6-DoF standalone VR headset. The company plans to launch the Pico Neo 3 in the next few months.

Pico Interactive is a small VR headset maker that largely caters to the VR industry's business side. The company makes standalone VR headsets that are used in corporate training simulations and medical applications. Pico does sell to consumers in China, but it doesn't have a consumer presence outside of the country.

With Pico's newly acquired investment, the company plans to put a larger focus on its consumer market. Pico's next headset, the Neo 3, is set to launch sometime in Q2 2021, and the company wants to capture a bigger slice of the booming consumer VR market in China.

Pico's CEO and founder, Zhou Hongwei, said that his company would "launch a new generation of all-in-one product Pico Neo 3 in Q2 this year and continue to introduce global high-quality VR games and applications."

Pico doesn't currently have a presence in western consumer markets. Although Virtuix recently demonstrated its upcoming Omni for the home paired with a Neo 2 headset. Virtuix also told us that it was considering "upcoming headsets," which could be an avenue for Pico to break into the consumer VR market abroad.

Pico has not revealed any details beyond the release window for the Neo 3. We would expect it to include a Qualcomm XR2 SoC and compete in performance with the Oculus Quest 2. The Neo 2 already offers comparable performance to the original Quest, including equivalent or better motion controller tracking.