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.
"We plan on an IPO in 2020 and take on new investments from the public market so we can more aggressively innovate and change the camera industry," JK Liu, CEO of Insta360 told CNBC in an interview through a translator.
He added that the company plans to list in mainland China but has not yet decided on a specific location.
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.
That has thrust it into deeper competition with U.S. firm GoPro.
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. A firm pace of product development and "willingness to innovate" sets it apart, he claimed.
"Broadly, some of our competitors it seems like their main goal is to expand their audience as much as possible with marketing. What our core goal is is to bring down the threshold for anybody to make really amazing content. That's how we think we will grow our market," Liu said.