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AltspaceVR Raises $10.3M to Accelerate Product Development

AltspaceVR has today announced that it has raised an additional $10.3M USD to further develop its virtual reality (VR) communication platform in a new round of funding. Investors include return parties Tencent, Dolby Family Ventures, Raine Ventures Lux Capital, Western Technology Investments, Maven Ventures, Promus Ventures, Streamlined Ventures and Rothenberg Ventures, along with new investor Comcast Ventures.

Currently, the AltspaceVR software is available for Oculus Rift users, Mac and PC desktops, and 3D televisions. The additional funding will be used to grow the AltspaceVR team and accelerate product development. Including $5.4M raised in 2014, AltspaceVR has now raised $15.7M in total capital to develop this platform.

AltspaceVR screenshot

“We’re working hard to make AltspaceVR the most natural and fulfilling way to communicate online, and our new capital will help us get there faster,” said Eric Romo, Founder and CEO of AltspaceVR. “We can’t wait to show our community some of the exciting new things we are building.”

AltspaceVR officially launched its open beta in May 2015, and since then has attained users from over 50 countries. Through the platform these participants can share a variety of experiences online including gaming, streaming content through popular platforms such as Netflix and Twitch, sporting and eSports tournaments, and business collaboration. The company is hiring and has also recently moved into larger offices to accommodate its rapid growth.

A regular on the VR event circuit, VRFocus has met with AltSpaceVR on a number of occasions and will bring you detailed coverage of the platform in the near future.