VR Animation Company Penrose Studios Raises $10m in Series A Funding Round
It'll go towards continued development in VR and AR.
Penrose Studios, the award-winning team behind virtual reality (VR) animations like Allumette and Arden’s Wake has announced the closure of a new funding round, securing the company $10 million.
Led by TransLink Capital, the Series A round included a number of new and returning investors such as entrepreneur and SalesForce founder and CEO Marc Benioff, Grammy-award winning artist and VR creator will.i.am, Korea Telecom and Co-Made. Returning investors include Sway Ventures, 8VC, and Suffolk Equity.
“In what is still an early form of storytelling and entertainment, the Penrose team has cracked the formula to create VR stories and experiences everyone can enjoy,” said Jay Eum, co-founder and managing director at TransLink Capital. “The company’s unique technology paired with the beauty of its work speak for themselves. We’re proud to work with the team and Penrose leadership to bring more VR entertainment to audiences around the world, especially in Asia.”
Penrose Studios most recent project is Arden’s Wake, which includes two installments, The Prologue and Tide’s Fall. Arden’s Wake: The Prologue premiered at Tribeca Film Festival in 2017 with Tide’s Fall, premiering at at the same festival in April and features Academy Award-winning actress Alicia Vikander and world-renowned actor Richard Armitage.
“VR continues to be a breakthrough form of entertainment for all ages,” said Eugene Chung, Penrose Studios founder and CEO. “As we participate in taking this new form of storytelling to the next level, we’re proud to work with a great group of partners and investors to help us get there and continue to stand out and keep our momentum within the industry.”
Penrose Studios will use the funding round capital to continue its work in VR and augmented reality (AR), whilst continuing to grow and innovate in the sector. VRFocus will continue its coverage of Penrose Studios, reporting back with details of Arden’s Wake: Tide’s Fall public launch when it happens.