South Korea-based virtual reality (VR) technology developer Moiin announced on Monday it is looking to raise $100m for a venture capital fund to help spur market adoption of VR gaming systems.
Moin has not revealed whether it has secured any external partners for its VR Development VC Fund. Its advisers include Eric Schiermeyer, former chief technology officer at defunct internet content group eUniverse, Jason Brink and Haley Kim.
Moiin intends the fund to be a watershed for VR, helping to sustain more small VR development projects. It has already collaborated with the Korean Institute of Science and Technology to devise a haptic glove technology capable of replicating the sense of touch in mid-air, by using an optical reflection technique known as Fiber Bragg grating (FBG).
FBG technology is expected to underpin the launch of Moiin’s first consumer product in 2020: a haptics-equipped suit and gloves tailored to applications including gaming, entertainment, industrial training and telepresence.
The company is also working internally on an immersive VR software platform dubbed the Oasis City Project. It aims to give the artificial city detailed graphics and a highly-accurate user response by devising high-spec VR hardware and full-body motion trackers.
Moiin then proposes to build a blockchain-powered virtual economy around customers purchasing Oasis City content, which is likely to include computer games, music shows and education programming according to a White Paper.