Telecommunications firm Verizon paid an undisclosed amount for selected assets of Jaunt, a US-based virtual reality technology developer backed by several corporate investors, yesterday.
The transaction will give Verizon technology and software owned by Jaunt, which counts internet and technology group Alphabet, entertainment group Walt Disney, publishing group Axel Springer, entertainment venue Madison Square Garden and broadcasters BSkyB and ProSiebenSat.1 as investors.
Jaunt developed a combination of software, hardware and mobile apps that helped users create VR video content. It is now focusing primarily on volumetric video, where an entire 3D location is captured for immersive and augmented reality media experiences.
The deal follows about $102m in funding for Jaunt, which had most recently raised money in a 2015 series C round co-led by Walt Disney, Evolution Media Partners – which was co-founded by talent agency CAA – and venture capital firm China Media Capital that closed at $66.7m according to a securities filing.
The round also featured Alphabet unit GV, BSkyB, ProSiebenSat.1, Axel Springer, Madison Square Garden, Highland Capital, Redpoint Ventures and SV Angel.
BSkyB provided $350,000 of seed capital for Jaunt in 2013 before joining Redpoint, SV Angel and various angel investors for a $6.8m series A round in April 2014. The company added $27.8m in series B funding from investors including GV and BSkyB four months later.
Mitzi Reaugh, chief executive of Jaunt, said: “We are thrilled with Verizon’s acquisition of Jaunt’s technology. The Jaunt team has built leading-edge software and we are excited for its next chapter with Verizon.”
