By thinking bold, Insta360 thrives in SZ's innovative ecosystem

Video by Liu Xudong

Many tech aficionados might have become acquainted with Insta360 in 2016 by watching a video captured by a panoramic camera attached to an eagle's back, which offered viewers a unique perspective from the eagle's point of view.

Alex Garcia (front), head of partnerships at Insta360, introduces the Insta360 Flow, a portable stabilizer for smartphones, to Zach Mills, a U.S. copy editor with Shenzhen Daily and EyeShenzhen, at the company's office in Qianhai on April 3. Liu Xudong

This innovative concept was brought to life by Insta360, a trailblazing company specializing in panoramic cameras. Founded in 2015 in Shenzhen's Bao'an District, the company focuses on the research and production of panoramic imaging devices that empower individuals to harness the full potential of visual storytelling with cutting-edge, user-centric designs.

In just eight years, Insta360's profile has risen in the tech realm, becoming a global leader in intelligent imaging technologies.

With products spanning panoramic cameras, action cameras, video-conferencing systems, and mobile photography devices, Insta360 now operates in over 200 countries, boasting about 2 billion yuan (US$276 million) of revenue in 2022. Its sales dominated the global consumptive panoramic camera market in 2022, with a market share of 50.7%.

In March, Fast Company, a prestigious business magazine in the U.S., revealed its 2024 list of the World’s Most Innovative Companies, with Insta360 securing the third spot in the Consumer Electronics category.

From VR to AI

As a nationally recognized “little giant,” which refers to an outstanding small and medium-sized high-tech enterprise with strong growth potential, advanced technology and a competitive edge on the market, Insta360 has invested significantly in research and development (R&D). It spent 100 million yuan annually on R&D over the last three years. Half of its 1,700-strong workforce is dedicated to R&D efforts, fostering a culture of continuous technological advancement and creativity.

The year 2016 was regarded as a turning point for virtual reality (VR), and Insta360 capitalized on this trend by introducing the Nano, a panoramic camera integrated with VR technology.

Unlike traditional cameras, Insta360’s panoramic cameras can stitch together multiple images or video clips using specialized algorithms to create seamless and comprehensive panoramic visuals.

In 2018, Insta360 ventured into artificial intelligence (AI) as a strategic move to meet evolving consumer demands. The company has been developing cameras with features for object tracking and accompanying software for AI-based editing, according to Chen Yongqiang, co-founder of Insta360.

Its Flow stabilizer, which is capable of tracking a subject even when its position changes or gets temporarily obstructed, was recognized as the “second brain of smartphones” by Fast Company.

Chen acknowledges the innovative spirit of Shenzhen, which provides Insta360 with a helpful environment to materialize bold ideas. “Shenzhen is at the forefront of scientific technology in China, fostering a dynamic atmosphere of innovation,” Chen said. “Its emphasis on protecting intellectual property rights creates a favorable environment for product R&D and technological innovation.”

Thinking bold

“One of the most remarkable aspects of our company is our celebration of creativity and innovation, not solely in product development but also in content creation,” said Alex Garcia, from Insta360 Global Marketing team

According to Garcia, user-generated content from creators, brand ambassadors, and other influencers forms a fundamental part of their marketing strategy, facilitating exposure and viral content overseas. Insta360 often collaborates with outdoor enthusiasts to produce engaging videos resonating with users in similar domains.

Additionally, the company established the Think Bold Fund to encourage global creators to contribute content and increase community engagement.

Garcia emphasized that both the company’s creative ambiance and his colleagues inspire him with constant energy, enabling him to infuse creativity into his daily tasks — an aspect that motivates him to continue to stay with the company in Shenzhen.

He also highlighted the company’s founders and management embrace overseas cultures, making him feel at ease.

By embracing international perspectives and forging strategic partnerships with industry giants like Apple, Google, and Adobe, as well as local KOLs (key opinion leaders), Insta360 has propelled itself onto the global stage, with approximately 70% of its 2022 revenue coming from overseas markets.

Since the startup period, Insta360 has been expanding its reach into overseas markets.

Looking ahead, Insta360 remains dedicated to expanding its global presence. Chen said that the company will leverage Shenzhen’s strength in abundant talent and robust logistical infrastructure to drive its international growth strategy.