Japan-based Psychic VR Lab has announced the close of an $8.5 million investment to grow its cloud-based XR development platform, STYLY.
Psychic VR Lab is the company behind STYLY, a browser-based tool which allows creators to easily build cross-platform 3D spaces which can be viewed in the browser or with VR and AR devices. The company says it’s primarily interested in promoting the creation of XR spaces involving art, fashion, and culture, and hosts a gallery of spaces created with its tool.
Last week Psychic VR lab announced it has raised $8.5 million in venture funding from the likes of KDDI Open Innovation Fund, DG Ventures, DG Daiwa Ventures, DK Gate, and others. The company says this latest investment has brought its total capital raise to $18 million.
According to Physic VR Lab, the new funding will be used to “strengthen the organizational structure” of the company and to accelerate usage of the STYLY in “converting various spaces to XR media.” Along those lines the company says it’s working with AR headset maker Nreal on an XR music exhibition called AGARTHA which will be hosted at MWC Shanghai this year. Physic VR Lab also hopes to attract greater development and usage from the Western audience.