AmazeVR has closed a $15 million round of funding to support what it calls its “vision for VR concerts”.
The funding round saw participation from Partners Investment, Smilegate Investment, Quantum Ventures Korea, ABC Partners, Everrich Group, and GS Futures, the corporate venture capital arm of GS Group, one of the largest Korean conglomerates.
AmazeVR says that the bridge funding was oversubscribed within three weeks and includes $9.5 million in previous bridge financing.
In addition to these investors, AmazeVR has been backed by several other investors. They include Timewise Investment, venture capital arm of CJ Group, LG Technology Ventures, Mirae Asset Capital, Mirae Asset Venture Investment, Murex Partners, Dunamu Partners, Base Investment and We Ventures.
The $15 million announced today (January 12) brings the Los Angeles-based company’s total raised to date to $30.8m.
AmazeVR is teaming up with Megan Thee Stallion to roll out its VR concert tech in select AMC Theatres in Spring 2022.
The start-up says this “VR concert tour springs from years of R&D” that resulted in proprietary 9K cameras and in software that can automate “complex” Unreal Engine-based visual effects, and run more than 100 headsets at a time.
Unreal Engine is the Epic Games-owned ‘engine’ on which various blockbuster video games, including Epic-owned Fortnite, are built on.
Unreal is also used for immersive music experiences by Sony Immersive Music Studios, which has produced virtual performances by the likes of Madison Beer and Tate McRae using the tech.
According to AmazeVR, using its technology, including its proprietary cameras and software, the company plans to scale its content creation, releasing new VR concert experiences weekly by 2024 to both in-theater and at-home viewers.
To drive this growth, AmazeVR says that it will raise a Series B round in early 2022, bringing what it says is, “its mobile theater guised as an artist’s tour bus to potential investors in Silicon Valley and beyond”.