US-based NextVR, which has developed technology to capture and deliver high-definition virtual reality content, has secured $30.5m in funding from a consortium including several corporates, the Wall Street Journal reported yesterday.
Time Warner and cable service Comcast invested through their respective corporate venturing subsidiaries, Time Warner Investments and Comcast Ventures, alongside sports and entertainment holding company Madison Square Garden and live events organiser Dick Clark Productions.
The round was led by venture capital firm Formation 8, which has raised a hardware fund from supply chain services provider Flextronics and others, and included RSE Ventures and private investor Peter Guber.
NextVR’s technology enables virtual reality content to be broadcast in high-definition over the internet. It has so far been used mostly for sporting and music events.
The commitment marks Time Warner’s first investment in the sector. Formation 8 previously struck gold by backing VR technology developer Oculus VR, investing $12.5m across two rounds and securing a massive return when Oculus was snapped up by Facebook for $2bn.
Scott Levine, managing director of Time Warner Investments, will join NextVR’s board as an observer, while Brian Koo, founding member of Formation 8, will take a board seat.
NextVR previously obtained $5m from unnamed private investors in September 2014, at the time also forming a strategic partnership with consumer electronics manufacturer Samsung to pre-load its content onto Samsung’s Gear VR headset.