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Chinese Investment Group Invests $20 million in NextVR

Live-streaming production company NextVR has received new investment it’s been revealed today. Chinese group CITIC Guoan has bought a stake in the company worth $20 million USD.

Reported by Variety, the state owned group purchased 2.3 percent in Class B shares as NextVR seeks further investment. This continues a trend with Chinese based companies heavily investing in Western virtual reality (VR) companies over recent months. These have included 37Games investing $3 million Canadian group Archiact and Songcheng Performance Development Co. bringing VR to its theme parks in a deal with LA-based SPACES Inc.

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It was late last year that NextVR secured a $30 million investment a series A round of funding, which came from Time Warner Investments, Comcast Ventures, Peter Guber, RSE Ventures, The Madison Square Garden Company and dick clark productions.

NextVR specialises in streaming events – especially sports – in immersive 360-degree video. The company has signed a lot of partnership deals over the last few months with FOX Sports for the US Open,boxing, and college basketball, NBC Sports for the Kentucky Derby and CNN for last years US Democratic debates to name a few. And last month NextVR won Best in Sports Technology at the annual Sports Business Awards ceremony.

VRFocus will continue its coverage of NextVR, reporting back with any new announcements.