Even with all the hype around virtual reality (VR) the industry is still in its early stages with devices like Oculus Rift and HTC Vive only just becoming available. Companies and developers need investment to help create future experiences and now San Francisco-based GREE, a global mobile social company, has announced the creation of the GVR Fund.
The GVR Fund will work with strategic investors to give early-stage VR, augmented reality (AR) and mixed reality (MR) companies the opportunity to accelerate growth. It’ll invest in videogaming and non-videogaming software and content companies, and to date has invested in two companies so far. The first was VRChat Inc., an online platform that allows players to meet up and talk in environments they have created using the Unity3D engine, and SPACES, Inc.
“The GVR Fund highlights GREE’s commitment to the potential of virtual reality as an emerging platform. We not only see ourselves as a content developer but as an investor as well. We want to create the same values we successfully did in the past through investments in companies when the mobile platform took off,” said Naoki Aoyagi, Senior Vice-President at GREE, Inc.
Teppei Tsutsui, Managing Director at GREE VR Capital, continued: “Our experience in working with major industry players such as Oculus, Samsung, HTC and Google prove that we have the expertise and relationships to make a significant impact in the market. In addition, our LPs are a selective group of strategic investors who can bring significant value to companies. We can’t wait to see what unique experiences early-stage companies are creating, and to identify how the GVR Fund can help bring their ideas into the hands of consumers worldwide.”
Back in November 2015 the company launched GREE VR Studio, and the first title to be developed is Tomb of the Golems, a shooter that takes players on a journey through Egyptian ruins. The videogame is due to ship in April for the Samsung Gear VR.
VRFocus will continue to follow the progress of GREE, reporting back with any further developments.