For every person who says that virtual reality (VR) is dead or dying – and for something people have been saying such about for three years, it’s looking pretty spry – there seems to be an announcement from a company related to VR, or augmented reality (AR) or mixed reality (MR) that reveals they have been the recipient of investment, have had a recent product purchased or have revealed a new way to develop and utilise the technology.
The latest to announce that they are the recipient of investment is TheWaveVR. The social VR platform which revolves around experiences relating to music and visual arts. TheWaveVR collaborates with artists across a variety of genres to bring social VR experiences to a growing community of people, helping them find new friends and discover new music.
Hot on the heels of teaming up with Warner Bros. and HTC Vive to bring to life The Distracted Globe dance club scene from Ready Player One to life and revealing further updates to its Wave Builder content creation tool – which the company used to create a virtual pitch deck within the TheWaveVR platform itself in order to promote itself to potential investors. TheWaveVR has revealed that a new Series A funding round has secured an additional $6 Million (USD), bringing the total investment within the platform to $10 Million. The funding came from a number of different venture capital and VR investment companies, including the likes of Upfront Ventures, The VR Fund and even member of OK Go Andy Ross.
“When Adam and his team pitched us in VR, from within TheWaveVR itself, we saw that the possibilities could go far beyond music,” said Alice Lloyd George, principal at RRE Ventures which was the lead contributor to the funding round for TheWaveVR. “It’s the most creative experience in VR today and is continually evolving. TheWaveVR is a brilliant venue for concerts, but also much more. We’re already seeing users explore it for other experiences, from digital art to narrative storytelling to business meetings. We’re excited about the product roadmap and their future launch onto other platforms, and thrilled to work alongside this incredible team for their next chapter.”
The funds will now be used in order to expand the platform further and help with their future collaborations with artists. This is in addition to their recent opening of an office in Los Angeles to join the existing one in Austin, Texas.
“The VR ecosystem is approaching a tipping point with the release of Ready Player One. With hardware prices coming down, stand-alone headsets like Oculus Go and Vive Focus on the horizon, and developers discovering best use cases, VR is on a sure path to become mainstream,” said Adam Arrigo, the Co-Founder and CEO of TheWaveVR. “We spent last year nailing down the format for these fully interactive concerts and proved people love our experience; this year we’re focused on how that content gets created and shared.”
VRFocus will have more news about investment throughout the immersive tech space very soon.