US-based virtual reality broadcasting technology developer NextVR closed an $80m series B round today, having secured backing from investors including internet and gaming company NetEase and telecommunications group SoftBank.
The round includes the $20m investment by IT services provider Citic Guoan Information Industry last month, as well as Founder H Fund, a corporate venturing subsidiary of technology conglomerate Founder Group, and contributions from CMC Holdings, VMS Investments Group, China Assets (Holdings) and Spectrum 28.
In addition, NextVR’s series A investors, which included media firm Time Warner and mass media group Comcast’s Time Warner Investments and Comcast Ventures units, live event promoters Madison Square Garden and Dick Clark Productions, Formation Group, RSE Ventures and private investor Peter Guber, also took part.
NextVR has built a software platform that facilitates live, broadcast-quality VR content to viewers through its app. Users can access music and sporting events in VR through partners including Fox Sports and music and event promoter Live Nation.
The company will use the series B funds to further develop its technology platform and grow its business internationally, leveraging support from Japan-based SoftBank, and China-based NetEase, Founder Group and Citic Guoan to enter Asia.
The round, closed at an $800m pre-money valuation, follows a $30.5m series A round in November 2015.
Brad Allen, executive chairman of NextVR, said: “With this new funding, we will continue to build NextVR’s virtual reality platform to meet the needs of the world’s largest fanbases around live sports and music content.
“Having the support of Asia’s biggest players provides us with significant resources for creating and distributing both local and international content in China, Korea and Japan.”
Sun Lu, president of Citic Guoan, added: “We trust in the future of live experiences in VR and NextVR has proven it is the company that will deliver on that promise.
“We are making an investment in NextVR because we believe the company’s global platform for live VR will win the hearts and minds of users everywhere.”