Virtual reality content producer and publisher WEVR of Venice has raised a $25 million round.
The company will use the infusion of cash to accelerate development of its virtual reality viewing software named Transport. Funding will also be used to co-produce and promote original virtual reality content.
Founded in 2010, WEVR has also developed a virtual reality publishing platform, which plays content for a variety of virtual reality headsets including Google Cardboard, Samsung Gear VR, HTC Vive and Oculus Rift. The Sundance Film Festival last month featured four of WEVR’s co-developed virtual reality films.
The company believes it will stand out against an increasingly crowded field of virtual reality startups by supporting the production of original virtual reality content and making that content available on as many virtual reality headsets as possible.
“The best content and the best creative community is going to emerge on an independent network,” said WEVR Chief Executive Neville Spiteri, adding that his company is actively recruiting talent to create virtual reality content for its viewing platform.
That platform could offer WEVR its best opportunity to generate revenue. Though Spiteri said the company is still exploring different business models.
“Ultimately, there’s a very strong case to be made that headset buyers will pay for premium content that they really like and are fans of,” he said. “Secondly, there’s a revenue opportunity for branding or sponsorship.”
WEVR’s funding round came from HTC, Samsung Ventures, Evolution Media Partners, Madison Wells Media, Orange, Digital Garage, AME Cloud Ventures, Boldstart Ventures, Scott McNealy and Ross Levinsohn.
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