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The funding will enable the startup to "rapidly scale to meet demand, secure top artists for projects and invest in product innovation"
By IQ on 13 Apr 2021
LA-based startup AmazeVR has raised $9.5 million in new funding to accelerate the company’s growth in the world of virtual reality concerts.
The virtual reality content service specialises in ‘the highest-fidelity performances in surreal CG worlds’, which can be viewed on the AmazeVR immersive tour bus, in cinemas and via the AmazeVR app.
Last week the company announced funding from a number of global investment firms including Murex Partners, We Ventures, Bass Investment, and Dunamu & Partners. Existing investors including Mirae Asset Venture Investment, Mirae Asset Capital, Partners Investment and Timewise Investment also participated in the funding round.
According to the company’s announcement, the funding will be used to hire additional staff as AmazeVR “rapidly scales to meet demand, secures top artists for future projects, and invests in product innovation to ensure the highest quality productions”.
“As more consumers gain access to VR technologies, there is enormous potential for immersive concerts”
According to PitchBook Data, the latest funding round brings the total amount raised by the company to just over $34m since 2015, when the company was launched by the founders and former executives of South Korean-based mobile platform company Kakao.
In 2019, the company underwent a rebrand and honed in on virtual concerts as its primary focus before partnering with hip-hop duo Ceraadi on its debut immersive concert, the following year.
Ceraadi’s debut immersive concert experience, initially scheduled for release in late 2020, has been rescheduled for later this year when it’s safe to hold an in-person launch.
The company said it plans to make upcoming shows available to more viewers through a partnership with Canadian company D-Box Technologies, which manufactures haptic motion systems used in cinemas, theme parks and simulation devices.
“As more and more consumers gain access to VR technologies — be they through headsets, theatres, or even their phones — there is enormous potential for immersive concerts,” AmazeVR co-CEO Ernest Lee said in a statement.
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