NextVR, a firm specializing in live VR streaming, has today announced an $80 million Series B investment with which the company aims to expand international operations.
“The Series B investment positions NextVR to accelerate development of its virtual reality platform and international operations to bring considerably more live entertainment – from concerts, world-class sports and other performances – to consumers through an expanding array of high-profile, global technology, entertainment and investment partners,” the company writes in the announcement.
Participating in the Series B investment is CITIC Guoan Information Industry Co Ltd, NetEase, CMC Holdings, SoftBank Corp., VMS Investments Group, Founder H Fund, China Assets (Holdings) Limited, Spectrum 28, and all of the investors from NextVR’s $30.5 million Series A round, which includes Time Warner Investments and Comcast Ventures, among others.
NextVR’s business is built upon what the company calls “broadcast quality” VR livestreaming which puts viewers in front of a roughly 180 degree stereoscopic view of the action. The company has previously focused on streaming live entertainment like sports and concerts.
The VR broadcasts come through an app on Samsung’s Gear VR headset; so far the company hasn’t launched apps on other major VR platforms, or introduced any social functionality to allow viewers to watch events together with others.
NextVR has streamed a number of high profile events to VR, including the U.S. Open and the Masters Tournament, the Kentucky Derby, the DAYTONA 500, the International Champions Cup (ICC), and recently signed an agreement with live entertainment firm Live Nation to “broadcast hundreds of live, cutting-edge performances in virtual reality to music fans worldwide.” NextVR hopes that their latest funding will “lead to a sustainable cadence of live and on-demand virtual reality broadcasts.”