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NextVR Targets International Growth and Global Partnerships with $80 Million Series B Funding RoundLAGUNA BEACH, Calif., Aug. 9, 2016 /PRNewswire/ -- NextVR, the leader in live virtual reality broadcast technology, announced a significant funding milestone, raising $80 million in a Series B round to help the company expand its global footprint. The majority of funding from the Series B raise comes from high-profile investors throughout Asia in the entertainment, content and technology markets, as well as new U.S. investors including all participating U.S. investors from the Series A round. Photo - http://photos.prnewswire.com/prnh/20160808/396602 The Series B investment positions NextVR to accelerate development of its virtual reality platform and international operations to bring considerably more live entertainment – from concerts, world-class sports and other performances – to consumers through an expanding array of high-profile, global technology, entertainment and investment partners. "With this new funding, we will continue to build NextVR's virtual reality platform to meet the needs of the world's largest fan bases around live sports and music content," said Brad Allen, NextVR Executive Chairman. "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." NextVR's pipeline of exclusive content and virtual reality experiences grew significantly in 2016. Recently, NextVR announced a partnership with Live Nation, the global leader for live entertainment, to deliver hundreds of 'A' list performances in virtual reality to fans worldwide. As NextVR continues to broadcast major sporting events live in virtual reality – including past events such as the U.S. Open and the Masters Tournament, the Kentucky Derby, the DAYTONA 500, the International Champions Cup (ICC) and many others – the new funding will lead to a sustainable cadence of live and on-demand virtual reality broadcasts. Investors in the Series B round include:
All the investors from the $30.5 million Series A round, announced in November of 2015, participated in the Series B round. They include lead investor Formation Group, Time Warner Investments, Comcast Ventures, Stephen Ross's RSE Ventures, Mandalay Entertainment CEO Peter Guber, The Madison Square Garden Co., and dick clark productions. "NextVR continues to revolutionize how live virtual reality content will be created and delivered," said Scott Levine, Managing Director of Time Warner Investments and a NextVR board observer. "Consumers are excited about the technology and NextVR's platform is clearly the leader in this emerging space." About NextVR: NextVR enables the transmission of live, long-form virtual reality content in broadcast quality – leading the way for live and on-demand VR to become a mainstream experience for sporting events, concerts, cinematic productions and more. Launched in 2009, NextVR has more than 36 patents granted or pending for the capture, compression, transmission, and display of virtual reality content. NextVR's platform allows the fully immersive content to be streamed with pristine quality using current home and mobile Internet connections. NextVR was founded by veterans in stereoscopic imaging technology, software development and an award-winning filmmaker. For more information, go to www.nextvr.com. Media Contact |