According to Foresight News, Zhang Yimou's Metaverse company "Danghong Qitian" has completed a C round of financing of hundreds of millions of yuan, with joint investments from China Control Fund, "China Vision Valley" Industry Fund, NetEase, Guoke BOE, CITIC Centennial Asset, Jiahesheng Capital and Yecao Venture Capital. The parties will jointly promote the creation of comprehensive solutions for Metaverse-related technologies, products and application scenarios such as XR and AI.

Danghong Qitian Group was founded in 2015. It is the XR experience provider for the 2022 Beijing Winter Olympics, Winter Paralympics and the 20 major news centers. It integrates "XR content production + terminal development + real-life implementation + digital operation system solutions" and focuses on creating the ultimate immersive experience. The famous director Zhang Yimou is its co-founder and also serves as the artistic director of Danghong Qitian.

Tianyancha data shows that as of now, Danghong Qitian has raised 8 rounds of financing. Among them, rounds B to B++ were concentrated between October 2021 and December 2022. In these three rounds of financing, Lei Jun's Xiaomi Group, Ding Lei's NetEase Capital, and private equity funds such as CITIC Group and BlueFocus participated.