US-based virtual entertainment provider Wave has received $30m from investors including music distributor Avex, creative agency Superfly and mobile network operator NTT Docomo, VentureBeat has reported.
The round was led by venture capital firm Maveron and also featured Griffin Gaming Partners, Convivialite Ventures, Raised in Space and private investors Scooter Braun, Alex Rodriguez, Kevin Lin and Rick Farman, the co-founder of Superfly.
Superfly and NTT Docomo participated through respective investment vehicles Superfly Ventures and NTT Docomo Ventures.
Wave has created an online multi-channel platform that uses virtual reality technology to transform musicians into VR avatars while they perform in real time. The company broadcasts live simulated concerts for free and its content is also available on online gaming and streaming platforms.
The cash will support the company’s entry into markets including China and Japan in addition to expanding the platform by adding new artist avatars, virtual environments and interactive features such as in-game activations.
The company raised $2.5m from Kleiner Perkins Caufield & Byers’ KPCB Edge fund, Presence Capital, Rothenberg Ventures, RRE Ventures, The VR Fund, Boost VC, Luma Launch, Seedcamp and angel investors including Mike Fischer and Joe Kraus in 2016, when it was still known as TheWaveVR.
Upfront Ventures led a $4m round for Wave the following year, investing alongside RRE Ventures, KPCB Edge, The VR Fund and Greycroft VR Gaming Tracker Fund.
Wave then added $6m in an April 2018 round led by RRE Ventures and backed by Upfront Ventures, KPCB, Greycroft VR Gaming Tracker Fund, The VR Fund and individuals including Andy Ross, Alex Chung and Matt Brimer.
