The Rose and I Creator Raises $8.5 Million in Funding
Late last year Penrose Studios launched a preview of its debut virtual reality (VR) project, The Rose and I, on the Gear VR mobile-based virtual reality (VR) head-mounted display (HMD). The preview, titled Rosebud, was made available through the company’s new ROSE app on the system. The full version of the experience will be on display on the HTC Vive next week at the 2016 Game Developers Conference (GDC) but, today, Penrose Studios is announcing that it has raised some $8.5 million USD in a new round of funding.
The money will go towards expanding Penrose Studios’ team and the creation of brand new VR and augmented reality (AR) experiences. One such experience is Allumette, which is set for a premiere at the Tribeca Film Festival next month. The funding was led by Accelerate-IT Ventures (AITV), with participation from TransLink Capital, Suffolk Equity and 8 Angel as well as help from angel investors. Penrose Studios’ work will be seen on a wide range of HMDs, including PlayStation VR and the Oculus Rift along with Gear VR and HTC Vive.
“This is a pivotal moment for us,” said Eugene Chung, founder and CEO of Penrose Studios. “We’ve come a long way from the early stages of this new medium. Today’s announcement marks a milestone for the industry as well as our studio. We are honored to be supported by world class investors who recognize the possibilities of AR and VR, as well as the unique role Penrose has in building that future.” Furthermore, Brad Allen, executive chairman of NextVR, will join Penrose as a strategic advisor.
Check back with VRFocus for more on Penrose Studios.