US-based cinematic virtual reality (VR) technology startup Dreamscape Immersive closed a series A round on Monday reported by Variety to be $11m in size, with backing from several entertainment groups.
Venture capital firm Bold Capital Partners led the round, which included media and entertainment conglomerates Warner Bros, 21st Century Fox and Metro-Goldwyn-Mayer, as well as cinema operator Imax, retail property developer Westfield Corporation and film director Steven Spielberg.
Dreamscape is developing technology that will expand VR from private computer-based systems and into public spaces such as cinemas and shopping centres, where users can move around freely in an immersive environment.
The company’s technology, which could potentially form the basis for a new mode of narrative entertainment production, is based on the work conducted on medical imaging and body mechanics by Swiss research centre Artanim Foundation.
Kevin Wall, CEO of Dreamscape Immersive, said: “Today, audiences can see movies in theatres in three formats: 2D, 3D and Imax. Dreamscape establishes the fourth platform – VR.
“Now audiences will have the ability to purchase a ticket, step inside of the story and experience it personally in a way never before imagined.”
Dreamscape plans to open its first VR Multiplex in Westfield’s Century City Mall in Los Angeles in the autumn 2017. Variety reports the company has plans to open additional sites next year.