VR Company Felix and Paul Studios Raise Nearly $7 million in Funding
The Series A financial round was led by Comcast Ventures.
Felix & Paul Studios, a Montreal-based Emmy award-winning studio behind some of the world’s leading cinematic virtual reality (VR) experiences, announced that it has raised $6.8 million (USD) in a recent round of Series A funding.
The large majority of the money in the fund came from Comcast Ventures, whose Managing Director Michael Yang will join the Felix & Paul Studios board of directors, with Caisse de dépôt et placement du Québec, China-based LDV Partners, and existing investor Phi Group also participating.
Felix & Paul studios says that it plans to use the money to expand its team and production capacity as well as improve the technology at its disposal by enhancing its proprietary VR cameras and expanding its state of the art, production and post-production software suite. The studio also hopes that as a result of the money and the improvements it will enable, it will be able to expand distribution of its VR experiences and apps to more platforms as well as to more international markets.
Felix & Paul Studios was founded by digital filmmakers Felix Lajeunesse and Raphael. As one of the first companies to jump into VR content, it has been producing VR content for the Oculus Rift and Samsung Gear VR for 3 years now and in the past year it has seen an exponential growth with 37 highly talented VR specialists across offices in Montreal and Los Angeles.
Stéphane Rituit, co-founder, president and executive producer at Felix & Paul Studios said that “this round of funding, led by the venture arm of one of the largest media and entertainment companies in the world, not only speaks to the power of our model but also points to a massive need for high quality VR content across the media landscape. We are excited to use this new capital to accelerate our goal of building a global VR studio – known for producing the highest caliber of immersive and engaging VR experiences for everyone to enjoy.”
In the past Felix & Paul Studios has collaborated with Cirque du Soleil and worked on supplementary VR experiences for films such as Reece Witherspoon’s Wild and Jurrasic World. This year the company already has over 30 projects in the pipeline, all in varying stages of development and with the boon of this funding it seems likely the studio will only continue to grow.
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