US-based high-grade cinema operator Imax and its sister company Imax China Holding completed the first phase yesterday of a $50m fund that will support virtual reality content developers.
Imax VR Content Fund has also been backed by several strategic investors including smartphone and laptop manufacturer Acer, which provided $10m.
Talent agency Creative Artists Agency, entertainment producer Enlight Media and marketing firm WPP also committed capital to the fund, as did merchant bank Raine Group and China-based media investment entities China Media Capital and Studio City.
Imax will use the fund to invest in VR content developers including gaming publishers, and also plans to support content creation directly in partnership with Hollywood studios and other filmmakers.
The initiative is linked to the cinema-grade VR camera Imax is developing in collaboration with internet technology provider Google, as well as a chain of Imax VR centres it plans to open. It is in the process of opening the first two pilot centres, in Los Angeles and Manchester.
Richard L. Gelfond, CEO of Imax, said: “We will be leveraging our collective relationships with world-class filmmakers and content creators to fund VR experiences that excite and attract a larger user base to capitalise on opportunities across all VR platforms including Imax VR.”
Jason Chen, Acer’s corporate president and chief executive, added: “Acer is excited to join forces with Imax and other world-class investors to help foster top shelf content for the thriving VR industry.
“With this strategic investment and our deep collaboration with partners including Starbreeze in the hardware and entertainment sector, we hope to enable engaging and immersive VR experiences in Imax VR centres and beyond.”
Imax VR Content Fund follows VR-focused strategic funds launched over the past 18 months by smartphone and VR hardware producer HTC, game publisher Colopl and Oculus VR, the VR headset maker acquired for $2bn by Facebook in 2014.