NextVR, a Laguna Beach, Calif.-based developer of live virtual reality broadcast technology, raised $80m in Series B funding.
Investors included CITIC Guoan Information Industry Co Ltd, NetEase, CMC Holdings, SoftBank Corp., VMS Investments Group, Founder H Fund, China Assets (Holdings) Limited, Spectrum 28, Formation Group, Time Warner Investments, Comcast Ventures, Stephen Ross’s RSE Ventures, Mandalay Entertainment CEO Peter Guber, The Madison Square Garden Co., and dick clark productions.
The company intends to use the funds to accelerate development of its virtual reality platform and expand its global presence.
Launched in 2009 and led by Brad Allen, Executive Chairman, NextVR enables the transmission of live, long-form virtual reality content to be streamed in broadcast quality for sporting events, concerts, cinematic productions etc. The company has more than 36 patents granted or pending for the capture, compression, transmission, and display of virtual reality content.