The mobile camera developer is reportedly planning a 2020 IPO after raising $30m in a funding round backed by Suning and Xunlei.

China-based panoramic camera producer Insta360 has secured $30m from investors including retail group Suning and cloud services provider Xunlei, CNBC reported on Tuesday.

Venture capital group IDG Capital also took part in the round, as did Huajin Capital, Qiming Venture Partners and MG Holdings.

Founded in 2014, Insta360 has developed a camera that plugs into smartphones and tablets to facilitate high-definition 360-degree video recording, enabling users to edit the videos through their mobile devices.

The company’s hardware can be used…