US-based virtual reality content producer Virtual Reality Company (VRC) has received $23m in funding from mobile information technology company Hengxin Mobile Business, the Hollywood Reporter reported on Thursday.
VRC produces virtual reality experiences such as the Martian VR Experience, a game based on the science fiction novel and film The Martian that lets a player take on the central character’s aim to survive alone on Mars until rescued by his crew members.
The new funding will be used for current and upcoming projects, including an “original family-oriented VR program” that is being created with VRC adviser and shareholder Steven Spielberg. As part of its investment, Hengxin has secured the exclusive distribution rights to VRC’s content in China.
VRC previously raised $2.1m in seed funding from Rothenberg Ventures, Elementum Ventures and angel investor James Hetfield in May 2015. Spielberg has also been named as a shareholder, though his financial involvement remains unclear.
VRC was co-founded by Robert Stromberg, two-time Academy Award winner for Best Production Design. He serves as chief creative officer of the startup.
Stromberg said: “This recent injection of capital allows us to discover new creative territories and stake our claim in this exciting frontier. VR is no longer just a dream of visionaries.”