Baobab Studios, a Redwood City, Calif.-based creator of virtual reality animation entertainment, closed a $25m Series B funding.
The round was led by Horizons Ventures with Twentieth Century Fox, Evolution Media Partners (backed by TPG and CAA), China’s Shanghai Media Group, Youku Global Media Fund and LDV Partners, which joined original investors Comcast Ventures, HTC and Samsung.
The company, which has raised $31m to date, intends to use the funds to develop additional animated VR movies and grow on a global scale.
Founded by Eric Darnell, Chief Creative Officer, and Maureen Fan, CEO, in 2015, Baobab Studios has already launched “INVASION!” Episode One, an interactive animated VR short film narrated by actor Ethan Hawke. A “First Look” experience recently launched for “ASTEROIDS!,” the second installment in the “INVASION!” series, with the full episode scheduled for release in 2017.
Along with the new funding, the company is expanding its executive team with Larry Cutler as chief technology officer and Chris Milk, wjo joined the advisory board.