iQIYI Inc. announced that it has recently completed a multi-hundred million RMB Series B funding round for its virtual reality (VR) division iQIYI Intelligent. The round of funding was led by Yitang Changhou Fund and Fresh Capital, setting the record for the largest single round of funding in China's VR industry in 2020. The capital raised will be used to fund the research and development of key VR technologies, algorithms and products as well as continued investment in the Company's VR content ecosystem. In addition, global shipments of AR/VR headsets are expected to hit 7.1 million in 2020. iQIYI Intelligent, an independently operated VR startup iQIYI incubated in-house, began developing VR products in 2016 with a focus on "hardware + technology + content". Since then, iQIYI Intelligent has launched Qiyu, the world's first and only all-in-one VR headset featuring a 4K ultra-high-definition screen, and Qiyu 2, the world's first 4K VR all-in-one headset supporting 8K panoramic video playback, as well as the iQUT future cinema based on VR platform, which set a film viewing benchmark in the VR industry. In March 2020, iQIYI Intelligent launched the Qiyu 2Pro 6DoF VR somatosensory game console, which features the immersive 6 degrees of freedom (6DoF) head-hand interaction technology and provides users with a 3D gaming experience. This device is top-ranking in China in terms of interactivity and user-friendliness and is on par with other leading VR headsets produced by global tech companies.