The round was led by Accelerate-IT Ventures (AITV), with participation from TransLink Capital, Suffolk Equity and 8 Angel and a number of angel investors.
In conjunction with the funding, Brad Allen, executive chairman of NextVR, will join Penrose as a strategic advisor.
The company intends to use the funds to develop its proprietary content and technology, such as its native creation tools, create new AR and VR experiences as well as to expand its team of engineers and artists.
Founder by CEO Eugene Chung, previously Head of Film & Media at Oculus VR, which was later acquired by Facebook for $2.3 billion, Penrose Studios is a studio that creates augmented and virtual reality experiences. The company is currently creating fully-immersive computer-generated (CG) worlds that are experienced through captivating stories and full freedom of movement. The first feature VR movie from Penrose Studios, The Rose and I, debuted at the Tribeca Film Festival in 2015. The second piece, Allumette, will debut at the Tribeca Film Festival in April 2016. Additionally, the studio released an app for the Samsung Gear VR called ROSE, currently available in the Oculus Store.
Content from Penrose Studios will be available for the consumer versions of the Sony Playstation VR, Oculus Rift and HTC Vive.
FinSMEs
10/03/2016