Shulou(Shulou.com)11/24 Report--

CTOnews.com July 17 news, according to 36 krypton reports, learned from a number of insiders, Xiaomi Group To B business vice president Bai Peng recently left to join iqiyi's VR company "Dream blooming", as CEO. This is a cross-border challenge, as Bai Peng's main experience at Xiaomi is in charge of video, television, Internet commerce and other businesses, while Dream blooming is a company focused on VR devices and content.

It is understood that Bai Peng was appointed vice president of To B business of Xiaomi Group in May 2021, mainly responsible for exporting customized Xiaomi terminal products, such as mobile phones, televisions, speakers, tablets, etc., to real estate, hotel, apartment, pension, apartment and other industries. He once proposed the ambition to achieve 2 billion yuan in revenue in 2021 and 10 billion yuan in three years. However, because the To B business involves the customization of the underlying software architecture, the communication cost is high and the resource investment is insufficient, Xiaomi does not give enough support. In the context of Xiaomi turning to building cars and shrinking the front, To B business has also been naturally abandoned. It is reported that more than 40 employees in this department have been laid off or dispersed to other departments by the end of 2022.

Bai Peng's departure may be helpless, but the "dream blooming" he chose to join was not plain sailing. This company is the VR company incubated and operated by iqiyi, which mainly produces and sells VR all-in-one machines, and provides VR platform and content services. In January 2023, the company announced the completion of 400 million yuan C round financing, jointly funded by Qingdao Economic Control Group and Zhenzhi Capital. In order to get the money, the company also moved its headquarters from Beijing to Qingdao West Coast New area.

However, the cash flow of "Dream blooming" is very tight. According to a number of sources, the financing is not an one-off payment, but a phased allocation with gambling terms. "Dream blooming" did not achieve the set sales target, so there is no way to get a complete financing, only tens of millions. In order to save money, Dream Blossom has made two layoffs this year, and the software department has been hit hard. It is estimated that the company has laid off more than 50 per cent so far this year, leaving fewer than 100 employees.

Due to personnel turbulence, the research and development of "Dream blooming" has also come to a standstill. In addition to the VR direction, Dream Blossom has also laid out the research and development of AR-related optical waveguides, but these directions have been suspended recently. In addition, the new speed on the VR platform and content of "Dream blooming" has also slowed down significantly. CTOnews.com noted that IDC data showed that 1.1 million VR devices were sold in China in 2022, of which "Dream blooming" products accounted for only about 7 per cent of total domestic shipments.

Insiders say that in VR, Dream Blossom will next shift its focus from To C to To B. This is a relatively easy market to do, because the To B side of the scenario and needs are more clear, can also give the company back blood. For example, in automotive training, museums, industrial design and other scenes, the industry has a certain demand and enthusiasm for VR equipment. However, the market is not big, and there are many competitors, such as HTC, Big friend and Pico.

It is still unknown whether the addition of Bai Peng will bring about a turnaround for "Dream blooming". Bai Peng's biggest advantage is sales ability, but he has no relevant experience in VR industry. It is not easy for him to save the shaky company in this new field.

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