US-based virtual reality technology developer NextVR has received $20m in funding from IT technology provider Citic Guoan at an $800m pre-money valuation, Variety has reported.
The Chinese state-owned Citic Guoan made the investment as part of an $80m round NextVR is raising, according to Variety.
NextVR has built a lens-to-lens system that will facilitate the long-form broadcasting of VR content live. The company has so far used its technology to stream basketball games and a presidential address online.
The new funding will come in the wake of a $30.5m round closed in November 2015 that featured Time Warner Investments and Comcast Ventures, subsidiaries of media group Time Warner and mass media company Comcast, as well as live event promoters Madison Square Garden and Dick Clark Productions.
Venture capital firm Formation 8 led the 2015 round, which was also backed by sports and entertainment-focused VC firm RSE Ventures and individual investor Peter Guber.
– Image courtesy of NextVR, Inc.