Insta360 sells cameras that are able to film 360-degree video. The company raised $30 million and its CEO, JK Liu, told CNBC that it is now looking ahead to an initial public offering in 2020.
Insta360, a Chinese firm that sells cameras able to film 360-degree video, said on Wednesday it had raised $30 million in funding and its CEO told CNBC the company is planning to go public in 2020.
Insta360 sells cameras that can plug into smartphones and record 360-degree video. Users can edit videos on their smartphones. Beyond that, the company has also recently expanded its products into so-called action cameras — standalone hardware designed to capture fast-moving sports or activities.But Liu said his company has enough to stand apart from GoPro. He told CNBC that technology such as the company's proprietary image stabilization software helps Insta360 differentiate.
When asked whether he thought investors might draw negative comparisons between GoPro and Insta360, Liu said there were a number of reasons he thought the market would see the two companies differently. Liu described the push into action cameras as a mid-term strategy and said there is"huge potential" because the industry is"where mobile phones were in 2008" when those products were shifting from feature handsets to smartphones.
"Having said that, it is not something that we plan to make into a paid product or core part of our business, we are not looking to convert it into a money maker," he added, addressing a question about whether the company would begin to charge for editing software. Liu claimed Insta360 has been profitable since 2017 and has had a compound annual growth rate in terms of revenue of 130 percent between 2016 and 2018. CAGR is essentially an average growth rate over those years. Heavy investment can often dent profitability, but Liu said the company would remain in the black even if some of its bets were to sour.
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