US-based virtual reality (VR) studio Here Be Dragons has closed a $10m series A round led by media group Discovery Communciations, TechCrunch reported yesterday.
Angel investors David Droga and David Jones also participated in the round, which was closed at a pre-money valuation of $55m. The company had been seeking a $14m close, according to a securities filing made last month.
Here Be Dragons was founded in 2014 as the sister company of VR technology developer Within, itself backed by multiple corporates such as entertainment group 21st Century Fox, marketing firm WPP and media company Macro Ventures.
The company operates independently, producing immersive virtual reality and augmented reality content for clients such as consumer electronics maker Samsung, media group New York Times, industrial conglomerate General Electric and broadcaster FX.
The series A capital will enable Here Be Dragons to expand its team across several divisions, with a particular focus on creative development. Rebecca Howard, senior vice-president for emerging platforms and partnerships at Discovery, will join the company’s board of directors.
Patrick Milling-Smith, president of Here Be Dragons, said: “This investment will assist to further broaden our creative and technological offerings – from creative ideation through production and post – while we continue to innovate and produce experiences that push the boundaries of what next-generation immersive storytelling is capable of.”